Industrial Bank's outstanding loans for small businesses exceed 310b yuan

BEIJING -- The Industrial Bank, one of the leading lenders in China, had seen its outstanding inclusive loans for small and micro enterprises reach over 310 billion yuan ($49 billion) by the end of February.

The lender said it had provided services to about 160,000 micro and small businesses.

To deliver stronger financing support for small businesses, the bank has sped up digital transformation and set up an open financial platform.

By the end of last month, the platform had about 176,500 registered users and helped small businesses raise funds totaling 116.9 billion yuan, the lender said.

China has been stepping up support for the cash-strained small businesses, rolling out targeted measures including tax and fee cuts as well as inclusive loans to help them navigate difficulties.