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BEIJING (MNI)

The People's Bank of China has been pushing lenders to lower loan rates and increase non-collateral credit loan to small businesses while strictly restricting loan fund flows to the capital market, especially the property market, central bank officials briefed reporters Thursday.

Jin Penghui, head of the PBOC Shanghai branch, said the city's lenders provided as much as CNY63.3 billion in credit loan to small businesses during the March to September period and deferred payments on principle and interest of totaling CNY20.5 billion in loans to small businesses.

Loans to small businesses have grown significantly in Shanghai as the PBOC assesses how lenders support such businesses and shows greater tolerance for bad loan ratios, Jin said.

Zhang Ruihuai, heads of the PBOC Nanchang branch, said that Jiangxi Province has loaned CNY50.9 billion to small businesses as of end October to support the recovery of the manufacturing chain. The weighted average interest rate dropped by 85 basis points to 5.79% in October, the lowest in five years.

Tian Zhe, a high-ranking official of Industrial and Commercial Bank of China, said the bank loaned a total of CNY900 billion to small business in the first three quarters at 4.14%, 38 bps lower than in 2019.

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