China moves to make financing easier for small businesses
Staff members work at a chestnut processing workshop in Zunhua, north China's Hebei Province, March 14, 2024. [Photo/Xinhua]
China has stepped up efforts to tackle the financing difficulties of small businesses, accelerating the pace at which it is building credit services platforms.
Li Chunlin, deputy director of the National Development and Reform Commission, on Wednesday told a press conference that the country has established an integrated financing credit services system that provides financial institutions with business information that is registered on any local or national platform.
The system has helped meet the financing demand of money-starved micro, small and medium-sized enterprises, which generally face difficulties securing bank loans due to their lack of collateral and credit data.
At the end of February, Chinese banks had issued 25.1 trillion yuan (3.54 trillion U.S. dollars) in loans through the financing credit services system, including 5.9 trillion yuan in credit loans.
Recently, the State Council issued a plan to strengthen the construction of financing credit services platforms. Per the plan, work will be done to improve China's credit information collection and sharing mechanism, optimize the national integrated network, integrate local platforms with repetitive functions or inefficient operations into that network, and ensure favorable financial policies reach more small firms.
Ren Yongmei, an official of the People's Bank of China, said that the central bank will improve its financial credit database and make better use of credit data to raise financing convenience for micro, small and medium-sized enterprises.
By March, outstanding inclusive loans issued to micro and small enterprises in China totaled 31.4 trillion yuan, up 21.1 percent year on year and with a growth rate 12 percentage points higher than that of all loans.
Related articles
Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
PHOENIX (AP) — The nonpartisan Commission on Presidential Debates, which has planned presidential fa2024-05-21Meta Platforms, O'Reilly Automotive fall; Chipotle, TransUnion rise, Thursday, 4/25/2024
NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Thursday:Meta Platfor2024-05-21Kim Kardashian joins Kamala Harris to discuss criminal justice reform
WASHINGTON (AP) — Kim Kardashian marshaled her celebrity in one administration to spotlight criminal2024-05-21Kylie Minogue plays peekaboo in sparkling black dress as she's honored at the TIME 100 Gala in NYC
Kylie Minogue is doing a dazzling victory lap after being named one of the 100 most influential peop2024-05-21Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
Britain has a new sports car. But it's not like anything else you've seen on the road before.Callum,2024-05-21Building at end of Southern California pier catches fire, sending smoke billowing onto beach
OCEANSIDE, Calif. (AP) — A vacant restaurant at the end of a Southern California pier caught fire Th2024-05-21
atest comment