China will step up financing support for enterprises by incorporating quality credibility into lending decisions, said Luo Wen, head of the State Administration for Market Regulation on Monday.

Financial institutions will factor in a company’s quality management and brand reputation when evaluating loan applications, Luo said at a press conference, adding that the move is expected to improve businesses’ access to financing.

Beyond traditional loans, China will also promote the use of equities, funds and bonds to create comprehensive financing channels for companies. The initiative aims to secure an additional 300 billion yuan (42.4 billion US dollars) in quality-based credit approvals annually, benefiting enterprises across various sectors, said Luo.

Luo called for efforts to provide tailored financial products and services for micro, small and medium-sized companies, including differentiated credit limits, interest rates, financing terms and repayment options.