China takes steps to support private capital

China’s securities regulator said Friday that it will support private companies by simplifying the approval process for initial public offerings and domestic bond issues, The Wall Street Journal reported. The statement was the latest in a series of measures Beijing has proposed in recent weeks to counteract a slowdown in the world’s second-largest economy. The regulator also said it would encourage private capital to take stakes in China’s mostly state-owned securities, future and asset management companies, as well as invest in state-owned enterprises to aid their restructuring. A separate report quoted China’s banking regulator as saying Sunday that private capital would be given the same access to China’s banking system as other capital, and would be allowed to buy into banks through private stock placements, new share subscriptions, equity transfers, and mergers and acquisitions.