China’s Financial Inclusion Loans Grow over 20% for Fourth Consecutive Year


The latest data from the Chinese central bank points to strong growth in financial inclusion loans to small businesses during the outbreak of the Covid pandemic.

“Growth in micro-and-small financial inclusion loans has held above 20% for four consecutive years,” said Ma Jianyang (马贱阳), a senior official from the financial markets department of the People’s Bank of China (PBOC), at a press conference held on 13 January for the release of 2022 financial data.

“In November 2022, the weighted average interest rate for new financial inclusion loans to micro-and-small businesses was at a historic low of 4.9%.

“Due to the impacts of the pandemic, the effective demand for loans and repayment capability of micro-and-small enterprises have all been affected, so maintaining such high growth and achieving these results is not easy. Financial sector support provides a key support and guarantee for micro-and-small enterprises.”

PBOC deputy governor Xuan Changneng (宣昌能) said that in 2023 PBOC will also “effectively deploy preferential policies including financial inclusion micro-and-small support loans; effectively support development of key infrastructure and major projects in energy, transit and water; strengthen financial services for real village revitalisation, and drive a dynamic high-level balancing of effective supply and effective demand.”