BEIJING, August 22 — The China Development Bank has increased loan support for small and micro-businesses, with outstanding funds nearing 188 billion yuan (about 28.93 billion U.S. dollars) under a targeted program by the end of July.
Under the loan model, the policy bank provides funds to small and medium-sized banks, which then grant the loans to small and micro-businesses as well as the self-employed to reduce their financing burdens.
Since the beginning of the year, the policy bank has offered a total of 146 billion yuan in loans to small and micro-businesses and the self-employed in the manufacturing, wholesale and retail, agriculture, forestry, animal husbandry and fishery sectors, among others.
China has rolled out a slew of measures to reduce financing costs for small and micro-companies. Outstanding inclusive finance loans to small businesses climbed by 30.3 percent year on year by the end of 2020, up to 15.1 trillion yuan, central bank data shows. (Xinhua)
China Development Bank ups loan support for small, micro-businesses
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