China ramps up financial support for SMEs to spur economic vitality

BEIJING — China has significantly enhanced financial support measures aimed at small and medium-sized enterprises to boost overall economic vitality.

There has been a notable increase in the cap for inclusive micro and small loans from 10 million yuan ($1.37 million) to 20 million yuan per borrower, and refinancing initiatives for agricultural and small businesses have seen interest rate reductions, further alleviating financial burdens on these critical economic entities.

At the end of May, outstanding inclusive micro and small loans amounted to 31.56 trillion yuan, representing a 19.3 percent year-on-year increase.