China Minsheng Bank’s Beijing Branch Launches Four Product Lines for Beleaguered Small Businesses

69

The Beijing branch of commercial lender China Minsheng Bank has launched several lines of financial products to provide support to small businesses sorely affected by the COVID pandemic, amidst a push from Chinese regulators for greater financial inclusion.

Minsheng’s Beijing branch outlined the launch of four lines of products for micro, small and medium-sized enterprises on 18 May.

The “Yichuang” (易创) line of products will cater in particular to “specialised elite new enterprises,” and cover equity financing, debt financing, account services and advisory and consulting.

Minsheng also flagged the increased provision of micro-loans, value-added loans and venture guarantee loans to members of the general public.

The commercial lender committed to the “pragmatic” implementation of financial inclusion policies; the vigorous promotion of online no-principal loan services; reductions of fees and “transfers of profits,” and exemptions of fees or the provision of discounts to small businesses for account opening, settlement and e-banking services.