China extends more inclusive loans to small businesses in 2023

BEIJING, Jan. 25 (Xinhua) -- China extended more inclusive loans to small and micro enterprises to facilitate their business last year, official data showed on Thursday.

By the end of 2023, outstanding inclusive loans granted to small and micro enterprises were at 29.06 trillion yuan (about 4.09 trillion U.S. dollars), up 23.27 percent from a year earlier, Guo Wuping, an official of the National Financial Regulatory Administration, told a press conference.

The pace was 13.13 percentage points faster than average loan growth, and the average interest rate for inclusive loans to small businesses issued last year decreased 0.47 percentage points to 4.78 percent, according to Guo.

In 2024, Guo said China's banking institutions will improve loan services for the real economy and the public, and strive to maintain the growth in inclusive loans to small and micro firms, as well as agriculture-related inclusive loans, at a level no lower than that of the total average growth.