BEIJING — China will accelerate the formulation of measures to provide more financial support to small and micro businesses, central bank governor said on May 29.

To ease the credit strain and high financing costs on small and micro enterprises, the People’s Bank of China (PBOC) will work with other authorities to accelerate the formulation of relevant policies, PBOC Governor Yi Gang said.

Yi said small and micro businesses have played a crucial role in promoting innovation and entrepreneurship as well as improving employment and people’s livelihoods. Enhancing financial support for small and micro businesses represents the basic requirement for the financial sector to serve the real economy and prevent major risks.

The country will step up financial support for these companies, focusing on pushing forward supply-side structural reform and high-quality economic development, he said.