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China to further boost financing for small businesses

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China would take further steps to expand the scale and improve the structure of financing for micro, small and medium-sized firms, according to an official guideline released Monday.

Banks operating nationwide are urged to offer reasonable price concessions to widen credit coverage and reduce comprehensive financing costs for small businesses, said the guideline jointly issued by authorities including the central bank.

The five major state-owned commercial banks should expand their inclusive lending to micro and small firms by more than 40 per cent.

While development and policy banks should make full use of the 350-billion-yuan (about 49 billion United States dollars) special credit line to support the resumption of work and production for small firms with preferential interest rates.

The guideline encouraged commercial banks to substantially increase loans to smaller firms and extend their loans without requiring the repayment of due principal.

Tolerance of non-performing loans to micro and small firms would be further relaxed and government financing guarantee would be enhanced.

The guideline also stressed the role of the capital market in financing for smaller firms.


Edited By: Ifeyinwa Okonkwo/Felix Ajide (NAN)

 

Nana Musa: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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