CBIRC Releases Trial Rules for Assessment of MSE Financial Services of Chinese Commercial Banks
The China Banking and Insurance Regulatory Commission (CBIRC) has just released trial regulations on the assessment of the financial inclusion levels of commercial Chinese banks.
CBIRC said that the new “Commercial Bank Micro-and-Small Enterprise Financial Supervisory Assessment Measures (Trial)” (商业银行小微企业金融服务监管评价办法（试行）) had the goal of “more effectively employing regulatory policy tools to guide and encourage commercial banks to comprehensively raise their ability and level to provide MSE’s with financial services, and resolve the difficulty of MSE’s in obtaining funds.”
The release of the Assessment Measures arrives amidst efforts by the Chinese central government to step up financial inclusion and financial access in the wake of the economic impacts of the COVID-19 pandemic – particularly upon smaller businesses.
China’s “Government Work Report” for 2020 set the goals of “markedly increasing the availability of loans for medium, small and micro-enterprises” and “markedly reducing financial costs.”