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Chinese Banks Under Great Pressure To Add New SME Loans: Herald

CHINA PRESS
MNI (Singapore)

Banks are under great pressure to increase loans to small businesses amid weak demand despite regulators’ repeated calls to boost credit support to SMEs, the 21st Century Business Herald reported. Big banks have cut SME loan interest rates to around 3.5%, much lower than the average 5% released by the central bank, the newspaper said citing a bank worker in Shanghai. Companies have reduced borrowing and production sizes amid the economic downturn, while unsustainable businesses in need of loans fail to get approval from banks’ risk control department, the newspaper cited another bank worker. New loans unexpectedly slumped to an over 4-year low of CNY645.4 billion in April from March's CNY3.13 trillion, MNI noted.

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