The People’s Bank of China announced it will help private companies ease their financing difficulties via three main channels, including bonds, credits and equities, said Yi Gang, governor of the PBOC, Xinhua news agency reported.

First, the PBOC will encourage banks to lend to private companies, increasing the amount of refinancing and rediscount by 300 billion yuan — the largest gain in quotas over the years.

If the quota is used up, the PBOC can increase the quota according to market demand, Yi added.

Second, the PBOC has decided to launch a supporting tool for private companies’ bond financing, aiming to provide credit enhancements for private firms that are intending to raise funds via corporate bonds.

Third,  the PBOC is promoting the establishment of equity financing support tools. Private equity fund managers, securities brokers, commercial banks and financial asset investment firms are being encouraged to offer staged equity financing support for private companies.