BEIJING – China has stepped up credit support for technology companies this year, with half of the sector’s small and medium-sized enterprises (SMEs) receiving loans by the end of the second quarter, official data showed Tuesday.
The proportion of tech SMEs receiving loan support increased 3.2 percentage points compared to the same period last year, according to the People’s Bank of China (PBOC), the country’s central bank.
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Outstanding loans to tech SMEs in both local and foreign currencies stood at 3.46 trillion yuan (about $484 billion) by Q2, surging 22.9 percent year-on-year. This growth rate outpaced overall loan growth by 16.1 percentage points, the PBOC said in a report.
Outstanding loans to high-tech firms in both local and foreign currencies rose 8.2 percent year-on-year, 1.4 percentage points higher than the overall loan growth rate, the report showed.
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The report also indicated stronger credit support for the country’s green transition, with outstanding green loans in both local and foreign currencies reaching 42.39 trillion yuan by the end of the second quarter, an increase of 14.4 percent from the beginning of this year.
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