Beijing provides 20% more credit to micro and small business in H

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Credit provided to micro and small businesses and the private sector in general in Beijing increased by 22.7% and 11.4% respectively in the first half of 2020, according to the Beijing's local financial regulatory authority.

This reflects the progress made in keeping businesses and employment stable through financial support. 

To help cope with the economic fallout of the COVID-19 epidemic, districts have been working to introduce diversified financing policies for businesses.

Dongcheng district, for example, was among the first to implement a work plan increasing credit supply for companies hard-hit by the coronavirus. It has been working with nine different banks, to provide targeted services to address companies' specific financing needs. 

The district has established a center for loan renewal to reduce high turnover. Over 70 million yuan of loan renewals have been registered in the district so far.

Likewise, Shijingshan, Fengtai, and Chaoyang have also set up special funds to either introduce subsidized loans or provide short-term emergency loans with zero interest.

Altogether four types of micro and small companies in the city are qualified for financial support. This includes companies hard-hit by the COVID-19 in the culture, transport, catering, hotel, foreign trade and film industries; business creating jobs and those related to food and energy security; leading and supporting companies with technical and market advantages; as well as service providers for people's daily life and of foreign capital.

In order to get the credit support, companies have to promise to provide stable jobs.

"Through the precise matching between online and offline information, companies' need for credit loan will be met quickly," said an official with Beijing Local Financial Supervision and Administration.

Statistics show that some 27,000 companies have registered on the city's financing service platform for micro and small enterprises. A total of 63.7 billion yuan of financing needs have been posted, and 25.3 billion yuan of credit approved.

In addition, the city's Banking and Insurance Regulatory Commission will work to increase the rate of loan renewal for micro and small businesses by more than 20% year-on-year, and reduce the overall financing cost by more than 0.5% throughout the year.

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