BEIJING — Loans granted to China’s small and micro businesses has seen strong growth as financial institutions pledge more support for the real economy.
Outstanding loans to small and micro businesses had grown by 12.6 percent year-on-year to reach 32.7 trillion yuan (about $4.7 trillion) by the end of August, according to the China Banking and Insurance Regulatory Commission (CBIRC).
The growth was 0.3 percentage points higher than the average loan growth, said CBIRC.
“China’s steady banking and insurance sector is serving the real economy more efficiently and effectively,” said CBIRC spokesperson Xiao Yuanqi.
A sector-by-sector breakdown of the loans showed more lending was awarded to key sectors and emerging industries, and to shore up weak links in the economy.
“The CBIRC will prod the financial institutions into increasing support for the real economy, especially for small and micro businesses, as well as private firms,” Xiao said.
China is devoting more efforts to tackling the financing difficulties of small and micro businesses as part of a broader campaign to bolster the real economy.