China aims to boost lending to small businesses from large commercial banks by over 40per cent this year, Premier Li Keqiang told the annual meeting of parliament on Saturday.
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The government will urge financial institutions to cut lending rates further, reduce fees and promote mid- and long-term lending to the manufacturing sector, Li said, reading his work report.
China's five major banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China , Bank of China and Bank of Communications - each reported more than 30per cent lending growth to small businesses in 2021, state broadcaster CCTV said in January.
CCTV said the highest growth was 53.15per cent by a bank it did not name.
China has been making efforts to enhance financing support to micro- and small enterprises, which it sees as key contributors to stabilising employment and people's livelihoods.