Beijing, April 25 (Xinhua) - China's banking and insurance regulator issued a circular Sunday on the additional promotion of promoting the high quality development of financial services to the Small and medium-sized companies (SMEs) in 2021.

Efforts will be made to improve the effective growth of financial support to SMEs and significantly improve their quality, efficiency and efficiency, According to the circular issued by China Banking and Insurance Commission.

Juring To accelerate the expansion of inclusive loans to SMEs and increase the number of borrowers this year, the circular urges five main banks to increase their inclusive loans to Companies by more than 30 percent.

Requires large banks and sets to play a leadership role in optimizing services to loans for SMEs. The first time and make the number of new borrowers for the first time exceeds last year.

Measures will be taken to continue the growth of initial, renewed and credit loans to SMEs. Attention will focus on increasing medium and long-term credit support for advanced manufacturing, strategic emerging industries and industrial and supply chains, the circular says.

Financial Services to SMEs based on technology will be improved to promote industrialization and large-scale application of new technologies. Comprehensive financial services plans will cover ascending SMEs and downstream of central companies in industrial and supply chains.

The circular also encourages improved cooperation between banking and insurance institutions to offer innovative products to SMEs under the premise of controllable risks.

Inclusive loans from China to SMEs have registered rapid growth for three consecutive years. The balance of the pending loans reached 16.81 billion yuan (approximately 2.59 trillion dollars of the United States) at the end of March 2021, increasing by 33.87 percent year after year, which covered more than 27.4 million borrowers. Enditem follow by China.org.cn on Twitter and Facebook to join the conversation. Download applications from ChinaNews

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