China will step up efforts to facilitate financing for private enterprises and micro and small enterprises, Li Yunze, head of the National Financial Regulatory Administration, said on March 5. 

China will increase the supply of credit to private enterprises, and reduce overall financing costs to deliver more benefits to businesses, Li said on the sidelines of the ongoing session of the national legislature. 

Private enterprises account for over 92 percent of all companies in China, and their share in micro and small enterprises is even higher, Li noted. 

In a government work report unveiled Wednesday, China has pledged to refine and develop new structural monetary policy instruments to provide stronger support for private businesses and micro and small enterprises.