Business

China increases inclusive loans to micro, small firms

Beijing: China’s inclusive loans to micro and small enterprises rose by 32.5 per cent year on year at the end of April amid the country’s targeted support for enterprises hard hit by COVID-19.

Outstanding inclusive loans to micro and small businesses totaled 16.8 trillion yuan (about $2.63 trillion) at the end of April, up by 32.5 per cent year on year. These loans supported 36.27 million firms, up by 28.9 per cent year on year, Zhu Zhaowen, an official with the People’s Bank of China, told a press conference on Friday.

Since the beginning of 2021, the bank has worked with relevant departments to strengthen financial support for sectors including foreign trade, culture and tourism, offline sales, accommodation and catering, and transport, which were hit hard by the pandemic, Zhu said.

At the end of April, the year-on-year growth of inclusive loans to the sectors of culture, sports, entertainment, transport, warehousing, and postal services all exceeded 10 per cent, he added.

Zhu also noted that the bank would offer targeted support to market entities in different industries, regions, and sizes. It will keep undiminished financial support for small and micro firms in the short term and further strengthen support for self-employed businesses.

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