China's inclusive loans up 27.8 trillion yuan

China's inclusive loans up 27.8 trillion yuan

At the end of August, China's inclusive loan program to small and micro enterprises rose to 27.8 trillion yuan, the country's central bank said.

The People's Bank of China says the loan growth rate has remained above 20 percent for three consecutive years.

By August, the PBOC said the loans had supported 60.25 million small businesses.

In August, the weighted average interest rate of loans for small and micro businesses fell at 4.48 percent, 1.7 percentage points lower than at the end of 2018 compared to the same period last year.

The quality of inclusive finance is an important symbol of the quality of financial development, said Liu Guoqiang, the deputy governor of the bank, urging efforts to step up financial support to small and micro private enterprises, strengthen the foundation of financial services related to agriculture, expand coverage of inclusive finance and protect consumers' rights and interests.