People's bank of China to increase financing of new innovations
People's Bank of China will increase financing of new innovative companies, according to the head of the bank, Zhou Xiaochuan. The bank’s management is planning to provide direct financing, support and promotion of start-up projects. According to China's State Administration for Industry and Commerce, approximately 12 thousand new companies enter the Chinese market on a daily basis. In 2015, the total number of new entities amounted to more than 14.7 million, an increase of 14.5% compared to 2014. Now more than 90% of new businesses in China are private.