BEIJING : China’s central bank and financial regulators pledged on Friday to ensure financing support for the property sector and to work together to resolve local government debt risks.
Chinese leaders are trying to revive the economy and fend off potential financial risks from a property slump and 92 trillion yuan ($12.77 trillion) in local government debt.
Financial institutions will meet reasonable financing needs of property firms and refrain from withdrawing or cutting off loans to them, the securities regulator said on Friday, after a meeting held by the central bank and financial regulators.
