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China's loans to SMEs up 18.6% in 2011

Feb. 2, 2012 (China Knowledge) - China's loans to small- and medium-sized enterprises increased by RMB 3.27 trillion or 18.6% year on year to RMB 21.77 trillion in 2011, according to the latest statistics released by the People's Bank of China.

The net addition of new loans to SMEs accounted for 68% of the country's new loans to enterprises last year, and the ratio was 0.1 percentage points higher than that in 2010.

At the end of December, the country's loans to small enterprises had reached RMB 10.76 trillion, 25.8% more than a year earlier.

In 2010, financial institutions in China issued RMB 7.47 trillion of RMB-denominated loans, taking the balance of RMB loans in the country to a total of RMB 54.79 trillion.

China's State Council has called for more efforts to support the sound development of small and micro-sized enterprises. The central government will earmark RMB 15 billion to launch a development fund for SMEs, particularly focusing on newly-formed ones, the official Xinhua News Agency reported.

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