China Minsheng Banking Corp. won regulatory approval to sell as much as 50 billion yuan ($7.9 billion) of bonds to support lending for small businesses as the government seeks to aid entrepreneurs.
The China Banking Regulatory Commission approved the sale, the nation’s first non-state lender said in a statement to the Hong Kong stock exchange today, without saying when it plans to sell the bonds.
The government said Oct. 29 it would ensure “reasonable” growth of money supply and support small companies to promote job creation and innovation. At least 90 bosses have fled the coastal city of Wenzhou since April, and two killed themselves, when they were unable to repay debts to informal lenders, according to a small business association in the city.
The bond sale is still awaiting approval from the People’s Bank of China, according to the statement.