China sees more inclusive finance loans to small businesses in 2019

BEIJING (XINHUA) – China’s inclusive finance to small and micro firms maintained fast development last year, with loans increasing by CNY2.09 trillion (about USD303.4 billion), according to the People’s Bank of China.

The figure marked a year-on-year increment of CNY852.5 billion.

The outstanding loans issued to the small businesses under inclusive finance services stood at CNY11.59 trillion at the end of 2019, up 23.1 per cent year on year.

Inclusive finance covers financial institutions’ services for small businesses, farmers, those on low-incomes, the disabled and senior citizens. China’s top banking and insurance regulator has vowed to ensure greater support in terms of inclusive financing services for the country’s small businesses amid efforts to boost the real economy.

In 2020, greater efforts will be made to ensure lower financing costs and continued fast loan growth to small and micro firms, according to decisions adopted at an annual work conference of the China Banking and Insurance Regulatory Commission.