Data from the peak body for the Chinese banking sector points to a double digit rise in financial inclusion lending to micro and small enterprises (MSE) in 2019.
Figures released by the China Banking Association (CBA) indicate that as of the end of 2019 the MSE loan balance for Chinese banking sector financial institutions was 36.9 trillion yuan, for a YoY rise of 10.1%.
The balance of lending of under 10 million yuan to single borrower MSE’s was 11.7 trillion yuan, for an increase of 24.6% compared to the start of 2019.
The average interest rate for financial inclusion MSE loans in 2019 fell 0.64 percentage points compared to the figure for 2018.
As of the end of 2019 the domestic and foreign currency rural-related loan balance was 35.19 trillion yuan, for a YoY rise of 7.7%.