Efforts will be made to provide financial support for sectors and enterprises affected by the COVID-19 epidemic, Premier Li Keqiang said at the State Council executive meeting on May 12.
He also said that under current circumstances, monetary policy must focus on market entities.
Civil aviation and financial institutions will be guided to take advantage of policies concerning emergency loans, according to the meeting.
The meeting also decided to increase targeted financial support for industries severely impacted by COVID-19, in fields including culture and tourism, offline retail, accommodation and transportation.
In addition, further financing support will be provided for upgrading and development of the manufacturing sector.
The meeting decided to further strengthen financial services for small and micro enterprises. A pilot credit evaluation system for individually owned businesses should be established to make financing more convenient.
Also, issuance of special financial bonds of no less than 300 billion yuan for small and micro businesses will be given support.
Measures should be taken to ensure increases in both the growth rate and accounts of inclusive loans to small and micro enterprises issued by the banking sector, and 30 percent of the growth rate in the amount of inclusive loans to small and micro enterprises from five large State-owned commercial banks, according to the meeting.
The Premier stressed that individually owned businesses must be included in financial support.
"The contribution of individually owned businesses to employment is there for all to see," he said.
According to data from the State Administration for Market Regulation, the number of individually owned businesses in China rose from 55 million at the beginning of the 13th Five-Year Plan period to more than 90 million now, creating more than 200 million jobs.
At present, regional development is unbalanced, with a larger amount of loans flowing to eastern regions with more market entities, and less to central and western regions with fewer market entities, the Premier said.
"Financial institutions must be guided to provide targeted regional financing support to market entities, and relevant local governments will be encouraged to improve their business environment and financial ecosystem, in order to prevent and reduce financial risks effectively," Premier Li said.
He also urged closely following the situation and market changes at home and abroad, and enhancing market regulations to cope with rapid price rises in bulk commodity and its collateral effects.
Monetary policy and other policies must be coordinated to maintain steady economic performance, the Premier said.
