The China Banking Regulatory Commission (CBRC) has asked the financial institutions and banks in the country to offer enhanced credit support to small and medium enterprises (SMEs) in the current year. China’s banking regulator has urged banks to ensure that loan growth to small businesses in China exceeds the overall loan growth in the country.
The CBRC had also formulated a 10-point agenda earlier this month to help China’s SMEs procure adequate credit from financial institutions.
Liu Mingkang, Chairman of CBRC requested banks to provide lending support to SMEs, emphasising the crucial role played by the sector in creating jobs and driving the economic growth of the country. In another effort to enable Chinese SMEs gain access to multiple channels to raise funds, the CBRC had also organised a special financing fair earlier during the 3rd China (Guangzhou) International Small and Medium Enterprise Fair (CISMEF).
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