BEIJING — China's inclusive finance to small and micro firms maintained fast development last year, with loans increasing by 2.09 trillion yuan (about $303.4 billion), according to the People's Bank of China.

The figure marked a year-on-year increment of 852.5 billion yuan.

The outstanding loans issued to the small businesses under inclusive finance services stood at 11.59 trillion yuan at the end of 2019, up 23.1 percent year-on-year.

Inclusive finance covers financial institutions' services for small businesses, farmers, those on low-incomes, the disabled and senior citizens.

China's top banking and insurance regulator has vowed to ensure greater support in terms of inclusive financing services for the country's small businesses amid efforts to boost the real economy.

In 2020, greater efforts will be made to ensure lower financing costs and continued fast loan growth to small and micro firms, according to decisions adopted at an annual work conference of the China Banking and Insurance Regulatory Commission.