Banks Urged to Give More Support for Economic Growth

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Last updated at: (Beijing Time) Wednesday, May 15, 2002

Banks Urged to Give More Support for Economic Growth

China's central bank will continue to adopt effective measures to urge commercial banks to give more powerful support to national economic growth.

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China's central bank will continue to adopt effective measures to urge commercial banks to give more powerful support to national economic growth.

A spokesman for the People's Bank of China said Wednesday that all commercial banks should readjust their credit structure and provide medium-sized and small enterprises with more financial services.

Over the past few years, the central bank has promulgated a series of guidelines urging all banks to support the development of medium-sized and small enterprises. By now some 50 percent of the total bank loans have been channeled to these enterprises.

The spokesman said that medium-sized and small enterprises do have difficulties in getting loans, while commercial banks say it' s hard for them to find good clients. These problems should be solved through concerted efforts by enterprises, banks, the government and the whole society.

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