Data from China’s banking regulator points to a rise of over 27% in the nationwide financial inclusion lending balance for micro-and-small enterprises (MSE) in the month of May.
The China Banking and Insurance Regulatory Commission (CBIRC) recently revealed that as of 31 May China’s financial inclusion MSE loan balance was 13.08 trillion yuan, for an increase of 2.83 trillion yuan compared to the same period last year and a YoY rise of 27.56%, greatly outpacing growth in other forms of lending.
Ye Feiyan (叶燕斐), an inspector with CBIRC’s policy research department, said that since the start of 2020 the authority has driven Chinese banks to ensure that growth in MSE loans of under 10 million yuan is no less than growth in other loans, as well as outlined targets for double digit growth in MSE loan clients.
CBIRC has also encouraged Chinese banks to expand credit extension to individual industrial and commercial registrants, in order to achieve marked increases in their loan balance and number of lenders compared 2019.
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