Major Chinese lender pledges further financing support for private enterprises

Postal Savings Bank of China has announced a commitment to provide no less than 10 trillion yuan (about 1.4 trillion U.S. dollars) in financing to private businesses over the next five years, reinforcing its dedication to supporting the country's private sector amid economic headwinds.

The lender said it is expected to earmark at least 3 trillion yuan specifically for technology innovators and over 3 trillion yuan targeting agricultural sector development, as part of efforts to help more than 5,000 companies in the private sector enhance their governance capabilities.

This major state-owned commercial bank, in partnership with the All-China Federation of Industry and Commerce, recently introduced an action plan aimed at empowering private enterprises, targeting operational growth, technological innovation and digital transformation, among other critical areas.

Key programs under the plan include a tailored financing pipeline for private companies, tech R&D support packages, and digital upgrades for small businesses.

By the end of 2024, the bank's outstanding loans to private enterprises had reached 2.44 trillion yuan -- which served over 3.4 million businesses. ■