China urges financial sector to boost credit support for small businesses

China's National Financial Regulatory Administration on Wednesday called for stable credit growth to be maintained for micro and small businesses, and for the continuous improvement of the quality of credit services for such businesses.

In a notice, the administration said that banking and financial institutions should maintain a sufficient credit supply for micro and small firms. They should strive to ensure that inclusive finance loans for micro and small businesses grow at a rate that does not fall below the growth rate of all types of loans.

The notice also states that these institutions should strengthen loan pricing management, and scientifically and reasonably determine the interest rate levels for inclusive finance loans for micro and small businesses.

Furthermore, the notice urges banking and financial institutions to leverage their professional strengths and increase their financial support for micro and small businesses in the fields of foreign trade, technology and consumption.

By the end of February 2025, the balance of inclusive finance loans for micro and small businesses nationwide was 33.9 trillion yuan (about 4.71 trillion U.S. dollars), with a year-on-year growth rate of 12.6 percent. ■