New steps to boost support for SMEs

Companies with good credit history will enjoy favorable interest rates, convenient loan approval channels

China is actively taking steps to spur lending to micro, small and medium-sized enterprises secured by their credit records, in a move to lift the economy amid mounting growth downside pressure.

The new steps will allow medium, small and micro companies with good credit history to enjoy more favorable loan interest rates and more convenient loan approval channels, which will help ease their difficulties in accessing affordable financing, the National Development and Reform Commission and the China Banking and Insurance Regulatory Commission said in a recent statement.