Govt moves to end small firms' funding problems

Small, independent businesses are wary of loans, but positive about market-led growth. Hu Yongqi reports.

Last year was tough for Cen Qichu, general manager of Ningbo Dongjing New Fabric Co, after banks reduced the number of loans his company had been promised in 2017.

About one-third of the 300 private enterprises in Cen's hometown, Cixi in Zhejiang province, saw their loan quotas cut by about 10 percent compared with the previous year, which resulted in a corresponding rise of about 10 percent in interest rates.