BEIJING — The outstanding RMB loans in inclusive financing stood at 21.53 trillion yuan (about $3.34 trillion) at the end of 2020 in China, up by 24.2 percent year-on-year, data from the People's Bank of China showed.

In 2020, the country issued 4.24 trillion yuan of new inclusive finance loans. It is 1.75 trillion yuan more than the previous year, central bank data showed.

Small businesses and farmers received more inclusive financing last year.

The outstanding inclusive finance loans to small businesses climbed by 30.3 percent by the end of 2020 from the previous year to 15.1 trillion yuan. The growth rate was 7.2 percentage points higher than that at the end of 2019.

Small businesses got 3.52 trillion yuan of new inclusive finance loans last year, 1.43 trillion yuan more than the previous year.

At the end of 2020, the balance of these loans for farmers was 5.99 trillion yuan, up by 11.5 percent year-on-year. The growth rate was 5.1 percentage points higher than that at the end of 2019.

Inclusive finance lending includes loans to micro, small and self-employed businesses, farmers, students, and people living in poverty.