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China requires large banks to set up inclusive finance divisions in 2017

Updated: May 3,2017 10:06 PM     Xinhua

BEIJING — China’s large commercial banks have been asked to set up inclusive finance departments to support small companies, agriculture, poverty relief and entrepreneurship in 2017.

Large banks should become the backbone in the development of inclusive finance, according to a statement following a State Council executive meeting presided over by Premier Li Keqiang on May 3.

Their lending to small and micro enterprises should rise no slower than growth in all loans, the statement said.

Banks should tolerate a reasonably higher nonperforming loan ratio for lending to small and micro enterprises, agricultural sectors and poverty alleviation, according to the statement.

The government will offer monetary and credit policy incentives to financial institutions that meet the requirements for inclusive finance businesses, and support commercial banks to improve their service networks.

“By coordinating different measures, inclusive and convenient financial services will promote job creation, economic upgrading and improvement of people’s lives,” the statement said.

The executive meeting decided to raise the subsidy for emergency assistance efforts in natural disasters, the pension for family members of the deceased from major disasters, life assistance fund in the transitional period and central government subsidy for recovering and rebuilding damaged residential buildings.

In 2017, the country should solve the housing problems for all the people still staying in temporary places affected by natural disasters last year.