Workers work at Contemporary Nebula Technology Energy Co., Ltd. in Fuzhou, southeast China's Fujian Province, March 13, 2024. [Photo/Xinhua]

China's central bank, together with other top financial regulators, convened a high-level symposium on Friday to discuss measures for boosting private enterprise development, which analysts said signaled bigger steps in facilitating the financing of private enterprises as their role in innovation becomes increasingly significant.

Jointly convened by the People's Bank of China, All-China Federation of Industry and Commerce, National Financial Regulatory Administration, China Securities Regulatory Commission and State Administration of Foreign Exchange, the symposium stressed supporting private businesses as an inherent priority for financial services and a manifestation of upholding the political and people-centered nature of financial work.

"We will proactively strengthen policy frameworks, enhance supervision and implementation and provide strong financial support for the healthy development of the private economy, helping private enterprises grow stronger, better and bigger," said a meeting statement released by the PBOC on Sunday.

Analysts said it is not the first time for the PBOC to convene symposiums on supporting private enterprises, with similar meetings in 2018 and 2023. However, Friday's meeting features a wide participation by various financial authorities, indicating that all-out, coordinated efforts to strengthen financial support for private enterprises are underway.

"The joint meeting reflects the central government's strong commitment to fostering private sector growth," said Yang Weiyong, an associate professor at the University of International Business and Economics, expecting significant financial measures, including expanded lending for private enterprises.

The meeting called for a solid implementation of an accommodative monetary policy, a good use of structural monetary policy tools, increased credit access for private and small businesses and equal treatment of all ownership types by financial institutions.

Specific measures stressed at the symposium include a full implementation a previously-launched 25-point plan to strengthen financial support for the private economy, improvements to credit enhancement systems for smaller businesses and accelerated rollout of supply chain finance regulations.

The meeting also emphasized strengthening bond market innovation, reaffirming boosting private enterprise financing through capital markets, including support for tech-driven firms, mergers and acquisitions and industrial upgrades.

Attendants of the meeting also included leaders from fashion and apparel company EVE Group, automotive company Geely Holding Group, artificial intelligence company SenseTime, express delivery company YTO Express and dairy company Yili Group.

Lou Feipeng, a researcher at Postal Savings Bank of China, emphasized the need for stronger financial support for the private sector, particularly as the latest wave of technological revolution continues to advance.

"Private and small businesses, known for their flexible structures, play a crucial role in driving technological innovation," Lou said.

In terms of direct financing, eligible private enterprises should be supported in raising funds through bond issuance and IPOs, he said. On the indirect financing front, banks should improve first-time loan services for private bushiness, expand access to credit-based lending, implement loan renewals without principal repayment and develop supply chain finance.

Data from the National Bureau of Statistics showed on Saturday that the purchasing managers index for the manufacturing sector — where private enterprises play a significant role — came in at 50.2, standing above the 50-mark that separates expansion from contraction and up from 49.1 in January.