Top Chinese government departments led by the central bank said on Monday that measures needed to be stepped up to strengthen financial support for private companies, including the unblocking of funding channels.

Efforts should be made to "unblock" financial channels such as loans, bonds and shares, said the People's Bank of China (PBOC) in a joint statement with seven other government departments and regulators.

The tolerance for non-performing loans of private companies should also be "reasonably" increased while offering more support for first-time borrowers, according to the joint statement, which outlined 25 measures aimed at bolstering financial support for China's private economy.

 

(Reporting by Ryan Woo)