Firms' direct financing channels to expand

The State Council, China's Cabinet, vowed on Wednesday to facilitate greater direct financing for companies from the capital markets and to further improve the efficiency of the financial industry to support the economy.

The measures will include expanding the financing channels for companies, reducing their financing cost and leverage and offering greater financial support to innovative and high-tech startups, the State Council said at an executive meeting presided over by Premier Li Keqiang.

The leadership in Beijing has emphasized the crucial role of the country's stock and bond markets, aiming to develop a multilayered capital market to enrich the direct financing tools for companies.