BEIJING, Oct. 7 (Xinhua) -- China Minsheng Bank has reported nearly 1.1 trillion yuan (about 161.52 billion U.S. dollars) worth of outstanding loans to private businesses in the first eight months of 2020, according to data from the bank.
The bank's inclusive finance lending to micro and small businesses reached 365.46 billion yuan, up by 12.24 percent year on year. The average lending rates stood at 5.98 percent, down by 0.57 percentage points compared to the average rates registered in 2019.
Zheng Wanchun, president of the bank, said the bank has increased support for private enterprises and small and micro businesses this year in the face of the COVID-19 epidemic, taking multiple measures to increase credit input, streamline procedures, improve online services, and boost lending efficiency.
Zheng said private enterprises and small and micro businesses, which are mostly in the service sector and traditional manufacturing industry, are more vulnerable to the impact of the COVID-19 epidemic.
He said financial institutions should take the initiative to improve their internal systems and mechanisms, such as resource allocation and risk assessment, to enhance their financial service capabilities and do their best to help enterprises out of difficulties. Enditem