Financial inclusion micro-lending in China has seen a sharp increase since the start of 2020, with regulators pushing for credit expansion to help deal with the economic impacts of the COVID-19 pandemic.
Data from the Chinese central bank indicates that of the end of the third quarter of 2020 the financial inclusion micro-and-small lending balance of Chinese financial institutions stood at 14.6 trillion yuan, for a YoY increase of 29.6%, and an acceleration of 3.1 percentage points compared to the end of the second quarter.
Financial inclusion micro-and small loans increased 3.02 trillion yuan in the first three quarters, 1.25 trillion yuan more than the figure for the same period last year.
As of the end of the third quarter the overall renminbi lending balance of Chinese financial institutions was 169.37 trillion yuan, for a YoY increase of 13%. Loans increased by 16.26 trillion yuan during the first three quarters, 2.63 trillion yuan more than the figure for the same period last year.