The People’s Bank of China (PBoC) wants commercial banks to ramp up support for the real economy, Shanghai Securities News reported Friday, citing an unnamed source. Under its 2014 credit policy, the PBoC is calling for increased lending to technology firms in key industries such as information services, new energy vehicles, photovoltaic manufacturing, integrated circuit production, energy saving and air pollution reduction. Banks are encouraged to support mergers and acquisitions to help eliminate excess production capacity and step up industrial upgrading. The central bank will pilot mortgage loans backed by rural land management rights this year and launch municipal bonds, the report said.
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