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Loans to SMEs see strong growth
By Yang Zhen (
Updated: 2009-02-18 14:01

Industrial and Commercial Bank of China (ICBC) granted 62.2 billion yuan ($9.09 billion) in new loans to small- and medium-sized enterprises (SMEs) in January, accounting for 53.1 percent of its total new loans for the month, the country's largest commercial lender said in a statement on Tuesday.

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Meanwhile, Bank of China (BOC) also reported strong growth in loans to SMEs by making 39.6 billion yuan available to them in January, up 6.9 percent from the previous year.

A large number of SMEs in China have gone bankrupt due to declining demand from the overseas market resulting from the global economic crisis.

The central government has unveiled a series of new policies to support those troubled SMEs, including tax reductions, increased export subsidies and encouraging lending by financial institutions.

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