China to direct more financial resources toward SMEs, private enterprises: central bank deputy chief

The People's Bank of China (PBOC) -- China's central bank -- will continue to expand financial supply and direct more financial resources toward micro, small and private enterprises, said PBOC Deputy Governor Zou Lan on Monday.

"As of the end of March 2025, the outstanding loan balance for enterprises in which private capital holds a controlling stake stood at approximately 45 trillion yuan (6.17 trillion U.S. dollars), representing an increase of 2.4 trillion yuan (323.8 billion U.S. dollars) over the past three months. The number of credit recipients among enterprises in which private capital holds a controlling stake exceeded 8 million, a year-on-year increase of 7 percent. In March, the weighted average interest rate for newly issued loans to enterprises in which private capital holds a controlling stake was approximately 3.41 percent, down by 58 basis points compared to the same period of last year," Zou said at a press conference in Beijing.

"Going forward, efforts will focus on implementing a moderately accommodative monetary policy and maintaining ample liquidity to create a favorable monetary and financial environment for the development of private enterprises. The People's Bank of China will continue to ensure effective implementation of the '25 measures' to support the private sector of the economy and gradually increase the proportion of loans to private enterprises," he said.

"Structural monetary policy tools, such as refinancing for technological innovation and industrial upgrades, will be fully utilized, with a focus on areas including technology, green and low-carbon development, and consumption promotion, to strengthen financial support for private enterprises. Financial institutions will be urged to refrain from indiscriminate withdrawal, suspension or reduction of loans, and to actively meet the reasonable financing needs of private foreign trade enterprises," said the central bank deputy chief.

The "25 measures" was jointly issued by the PBOC and other competent central government agencies in November 2023 to step up financial support for the country's private sector, including efforts to diversify financial channels for private businesses, in yet another crucial step to boost the private sector of the economy amid challenges.

China to direct more financial resources toward SMEs, private enterprises: central bank deputy chief

The death toll from a crane collapse that derailed a passenger train in northeastern Thailand's Nakhon Ratchasima Province has risen to 32, with the number of injured now standing at 67, authorities said on Wednesday.

The accident occurred on Wednesday morning when the construction crane used for a high-speed rail bridge collapsed onto the train traveling from Bangkok to Ubon Ratchathani Province.

Speaking at a press briefing, Nakhon Ratchasima Governor Chaiwat Chuenkosum said the State Railway of Thailand expects to take approximately seven days to clear the wreckage and restore the track to normal operation while a full investigation into the cause of the accident is underway.

Thai Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn earlier told reporters that he has instructed agencies to conduct a transparent, comprehensive investigation to determine the cause and prevent recurrence.

According to Thai media reports, the main contractor for the involved railway section is Italian-Thai Development PLC, which has issued a statement on the accident, saying that the company will fully assume responsibilities related to compensation and medical treatment.

Songrit Yoonsoongnern, a rescuer, said that rescue teams are waiting for some parts of the wrecked train to be moved before continuing operations.

"Right now, we are waiting for the cranes to secure the carriage and the crane above, and to remove some debris that is on the bodies. For safety reasons, we must wait until Italian-Thai Development’s cranes complete the operation and safety is 100-percent assured, before ordering rescue personnel to enter and recover the bodies," he said.

32 killed after crane collapse derails train in Thailand