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Financial support to small, micro enterprises to continue in 2021

Updated: Mar 11,2021 10:26 AM    CGTN

China's policy of deferring payments of principals and interests on loans given out to small and micro enterprises will continue in 2021, said Chen Yulu, deputy governor at the People's Bank of China (PBOC) and a member of the country's top political advisory body, the Chinese People's Political Consultative Conference (CPPCC).

The PBOC, China's central bank, revealed in January that it deferred payments of principals and interests on loans worth more than 6 trillion yuan (about $920 billion) in 2020 amid the COVID-19 pandemic. Chen said China will carry on with its macro-financial policy this year and the amount of inclusive loans rolled out by the country's large commercial banks will increase by more than 30 percent.

The PBOC granted inclusive loans worth more than 3 trillion yuan for small and micro companies in 2020, benefiting more than 30 million business entities.