People's Bank of China Added 300 Billion Yuan to Support Small and Micro Enterprises for Another Loan Value Degree
The People's Bank of China has added 300 billion yuan to support small and micro-enterprise re loan value degrees. It will be issued at preferential interest rates to eligible local corporate banks within the remaining four months of this year to support their efforts to increase loans to small and micro enterprises and individual entrepreneurs. The average interest rate on loans is required to be around 5.5%, leading to lower costs for small and micro corporate finance enterprises.
China Banking and Insurance Regulatory Commission data presentation, in the first half of this year, credit resources continued to flow to key areas and weak links of the real economy such as manufacturing, small and micro enterprises and green development. Among them, manufacturing loans increased by 1.7 trillion yuan, agriculture-related loans increased by 3.03 trillion yuan, scientific research and technology loans increased by 23.7% year-on-year, green credit of major banks increased by more than 1 trillion yuan, and loans for inclusive small and micro enterprises and private enterprises increased by 16.4% and 8.6% respectively from the beginning of the year. At the same time, financial institutions continue to give benefits to enterprises, the average interest rate for new loans to small and medium-sized inclusive enterprises in the first half of the year decreased by 0.23 percentage points compared with the level of last year.
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