CMB's outstanding loans to micro, small businesses surpass 400b yuan

BEIJING - China Merchants Bank's (CMB) outstanding loans to micro and small businesses hit over 400 billion yuan (about $59 billion) by the end of April.

Loans to such enterprises have accumulated to over 2.5 trillion yuan in the past seven years, according to the CMB.

The loans were issued through the banks' inclusive finance services, which specifically satisfies needs of capitals from micro businesses, farmers, those on low incomes, the disabled and senior citizens.

The bank said that the development of financial technology is vital in stimulating the rapid growth of inclusive finance, and 75 percent of its clients got loans online.

The bank's inclusive finance services have gone from offline to online, said the CMB, adding that in the future, it will cooperate with the government and financial institutions to provide better financial services to micro and small enterprises, farmers and low-income groups.