Jul
23
China's tech SMEs receive stronger credit support: central bank
(Xinhua) China has stepped up credit support for technology companies this year, with half of the sector's small and medium-sized enterprises (SMEs) receiving loans by the end of the second quarter, official data showed Tuesday.
The proportion of tech SMEs receiving loan support increased 3.2 percentage points compared to the same period last year, according to the People's Bank of China (PBOC), the country's central bank.
Outstanding loans to tech SMEs in both local and foreign currencies stood at 3.46 trillion yuan (about 484 billion U.S. dollars) by Q2, surging 22.9 percent year on year. This growth rate outpaced overall loan growth by 16.1 percentage points, the PBOC said in a report.
The proportion of tech SMEs receiving loan support increased 3.2 percentage points compared to the same period last year, according to the People's Bank of China (PBOC), the country's central bank.
Outstanding loans to tech SMEs in both local and foreign currencies stood at 3.46 trillion yuan (about 484 billion U.S. dollars) by Q2, surging 22.9 percent year on year. This growth rate outpaced overall loan growth by 16.1 percentage points, the PBOC said in a report.