Loans to small and micro businesses grew 12.6% year-on-year
Strong growth, in China, for loans granted to small and micro businesses. The reason for this exponential growth, which immediately jumped in the eyes of industry experts, is to be found in the choice of financial institutions, committed to supporting the real economy.
Loans outstanding at small and micro businesses, according to data, grew 12.6% year-on-year, reaching 32.7 trillion yuan (about $ 4.7 trillion) by the end of August. This is confirmed by an official note from the China Banking and Insurance Regulatory Commission (CBIRC), which shows growth of 0.3% more than the average loan growth.
China is making efforts on the funding sector to strengthen the real economy
“China’s banking and insurance sectors are serving the real economy more efficiently and effectively,” said CBIRC spokesman Xiao Yuanqi. Indeed, a sector breakdown by lending sector has shown that these have been allocated on a large scale to key sectors and emerging industries, in order to support weak ties in the economy.
“The CBIRC will stimulate financial institutions to increase support for the real economy, especially for small and micro businesses, as well as for private companies,” Xiao said.
China, moreover, has been dedicating more time to tackle the difficulties of financing small and micro businesses. Everything is part of a wider campaign to strengthen the country’s real economy.
MORE ON THIS TOPIC