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November 29, 2021

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Govt boosts support for private loans

China has increased lending support for the private sector, with new loans to private enterprises reaching 5 trillion yuan (US$782 billion) in the first 10 months of 2021.

The amount accounted for 53.5 percent of total new corporate loans in the 10 months, 1.8 percentage points higher than the level at the beginning of this year, data from the China Banking and Insurance Regulatory Commission showed.

Outstanding loans to private enterprises by banking institutions stood at 53.1 trillion yuan as of September, 15 trillion yuan more than at the end of 2018.

In the same period, the number of private firms with outstanding loans increased from 25.84 million to 77.62 million.

Financing costs for private enterprises have been falling. In the first three quarters of this year, the annual interest for new loans to private firms was 5.3 percent, 1.6 percentage points lower than 2018.

The CBIRC will further push for measures boosting financial services for private enterprises and urge banking and insurance institutions to continue improving their services, said a commission spokesman.


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