Bank of China to expand lending to small businesses

Bank of China Ltd signed a strategic cooperation agreement with the All-China Federation of Industry and Commerce on Wednesday to further expand financing channels for private companies, especially small businesses, to expand their footprints globally.

"As part of BOC's efforts to support private companies, the strategic cooperation will help the bank to improve its channels of communication with private small businesses, better understand the demand of its clients, and improve its financial services accordingly," said Zhu Jun, general manager of the inclusive finance department at Bank of China, the country's fourth-largest commercial lender by assets.

Each of the bank's branches will strengthen communication with local federations of industry and commerce, set aside an overall credit quota for small and microenterprises at the local level, deepen its knowledge of its clients' businesses, and offer financial products specifically designed for private enterprises of different sizes, Zhu explained.