Banks, Insurers Step Up Support For Recovery - Securities Daily

China’s financial industry is stepping up efforts to support the economy in 2023, which is a strong topic of focus at this year's National People’s Congress, according to the Securities Daily. The paper said commercial banks have been increasing support for SMEs, helping them maintain profit margins by reasonably reducing financing costs. The insurance industry is expanding personal pensions across the whole country, appropriately increasing the upper limit of investable allowances. The paper said state owned banks are providing preferential interest rates and consumer subsidies aimed at accelerating the recovery and boosting consumption.