80% of companies receiving loans amid epidemic in Beijing are MSMEs

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As of March 21, 12 banks in Beijing Municipality have issued 461 loans at preferential interest rates to local enterprises, with a weighted interest rate of 2.64%, according to the Operation Office (Beijing) of the People's Bank of China (PBOC).

In terms of the business types receiving loans, 60% are high-tech companies, primarily in the field of biomedicine, where half of the total loan amount has gone. While in terms of the scale of businesses, 80% of the companies are classed as micro-, small-, and medium-sized enterprises (MSMEs), which account for 70% of the total amount of the loans.

Statistics from the Operation Office show that by the end of February, various RMB loans in Beijing increased by 10.2% year-over-year. In addition, inclusive micro- and small-sized loans have seen a year-on-year growth of 23.4%. RMB loans from Chinese banks for high-tech industries, as well as cultural and relevant industries have increased by 10.7% and 14.1%.

The Operation Office of the PBOC will continue to deliver the benefits of Loan Prime Rate reforms, reducing the financing cost for local businesses. Financial institutions in Beijing have reduced the weighted average interest rate of general loans to 4.33%, its lowest rate since 2008. The weighted average interest rate of inclusive loans for micro- and small-sized enterprises reached 5.69%, a reduction of 86 base points year-over-year, and 15 base points month-on-month.

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