China’s tech SMEs receive stronger credit support

This undated photo captures a worker checking the operation of a carbon fiber production line at a factory in Lianyungang, Jiangsu province. (GENG YUHE / FOR CHINA DAILY)

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.

ALSO READ: China’s central bank steps up support for small, medium businesses

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.

READ MORE: Move to streamline auto supply chain

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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