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Banks encouraged to support small firms

The China Banking and Insurance Regulatory Commission said on Wednesday it will guide banks to further expand the coverage of financial services and increase loans issued to micro and small enterprises. To strongly support small business financing, the regulator will guide banks to keep their lending rates at a reasonable level, regulate banking service charges, and help lower the rate of financing guarantee fees. It will also urge banks to reduce reliance on collateral and increase the proportion of credit loans among total loans by improving their risk management capabilities.

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