Joint-stock lender China CITIC Bank has rapidly expanded its loan book for small businesses amidst a push for greater financial inclusion from Chinese financial authorities.
China CITIC Bank said that as of early December its financial inclusion micro-and-small enterprise (MSE) loan balance exceeded 380 billion yuan, for an increase of 160% over the past three years. MSE clients currently approach 180,000, for a doubling across the same period.
The loan balance to MSE legal persons currently stands at over 10 billion yuan, for a 10 fold increase compared to the end of 2018, while its MSE legal person clients now approach nearly 30,000.
China CITIC Bank said that in future it would continue to thoroughly implement national strategy and regulatory requirements continue to raise its ability and level of comprehensive financial service for MSE’s, and better support the innovative development of more MSE’s.