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ICBC Steps Up Support for Medium-Sized, Small Enterprises
The Industrial and Commercial Bank of China (ICBC) has stepped up its support for medium-sized and small enterprises in a bid to coordinate with the State's economic restructuring.
A spokesman for the ICBC said Monday that by the end of April, an outstanding amount of 1.2 trillion yuan (about 154 billion US dollars) had been granted to over 300,000 medium-sized and small enterprises, accounting for more than 50 percent of the bank's total loans and 90 percent of its clients, respectively.
He said that the bank's financial support has effectively solved these enterprises' financing difficulties. The bank has developed a series of financial products, services and risk control measures that are suited to the characteristics of medium- sized and small enterprises, and made clear stipulations concerning credit conditions, credit rating, credit procedures and credit management.
The ICBC made important contribution to the State's economic restructuring by differentiating services for different enterprises. It has given major support to those with high market competitiveness, while closed the door to those which belong to repetitive construction, produce pollution or suffer from low efficiency.
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