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Slowing exports push business up or out
By Wang Lan (China Daily)
Updated: 2008-09-01 09:50 In early August, the National Development and Reform Commission said it was considering establishing a bank specializing in lending to SMEs to broaden their sources of finance. A week later, the People's Bank of China, the central bank, increased the annual loan quota by 5 percent for national commercial banks and by 10 percent for local commercial banks, taking into consideration that SMEs make up the larger proportion of their clients. The increase in lending as a result of the increase in loan quota is expected to go to SMEs, which have a stronger demand for loans than the large State-owned enterprises, economists say. Some local governments have also encouraged the establishment of microcredit firms to provide more loans to local enterprises. The first batch of such microcredit lenders, mainly in Zhejiang, will start providing loans from this month after getting the go-ahead. Other provinces such as Guangdong, Jiangsu, Anhui and Inner Mongolia are also preparing for the launch of microcredit lenders. (For more biz stories, please visit Industries)
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