(MENAFN) On Sunday, Apr. 25 the Chinese banking and insurance watchdog released a circular on further encouraging high-quality improvement of fiscal services to small and medium-sized enterprises (SMEs) this year.
The circular released by the China Banking and Insurance Regulatory Commission Efforts will be made to boost the effectual expansion of fiscal support to SMEs and considerably enhance its quality, competence and effectiveness.
Promising to accelerate the growth of comprehensive loans to SMEs and raise the number of borrowers in 2021, the circular calls on the five key banks to raise their inclusive loans to the companies by more than 30 percent.
It needs large and joint-stock banks to play a key role in enhancing services to SMEs borrowing for the first time and make the number of new first-time borrowers surpass that of 2020.
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