State-owned lenders to better serve private firms

Major State-owned commercial banks are aiming to continuously improve the quality and efficiency of services provided to private enterprises to firmly help the private sector address challenges such as financing difficulties and high costs, according to their 2024 annual results announcements.

"Bank of China plans to provide over $5 billion for intended financing of private enterprises in 2025, pledging enhanced financial assistance for their deep engagement in the Belt and Road Initiative," said Zhang Hui, president of BOC.

"BOC will strengthen cross-border financing, international settlements and overseas investment services to facilitate private companies' global expansion. It is committed to reducing financing costs for private businesses, offering tailored global cash management solutions to help enterprises reduce risks and improve capital utilization efficiency," Zhang said.