China Issues Guidelines to Accelerate SME Development

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Aug. 23 – China’s State Council released the “Opinions on Financial Support to the Development of Small and Micro-sized Enterprises (guobanfa [2013] No.87, hereinafter referred to as ‘Opinions’)” on August 8, which put forward eight specific financial measures to support the development of small and micro-sized enterprises in the country. Detailed information can be found below.

Financial Supporting Measures

Realizing the objectives set up for the rate and amount of loan growth

Under the premise of overall controllable risks, the growth rate of loans provided to small and micro-sized enterprises shall not be lower than the average growth rate of all types of loans and the amount of growth shall not be lower than the level of the corresponding period of last year.

(Handled by the People’s Bank of China and the China Banking Regulatory Commission)

Enriching and innovating the ways of financial services

Financial institutions shall constantly develop specialty products based on the characteristics of small and micro-sized enterprises of different types and in different development stages, and provide them with tailor-made financial products and services.

Insurance institutions are encouraged to provide funding support to the development of small and micro-sized enterprises by investing in enterprise equity, funds, claims, and asset schemes, or by other means.

(Handled by the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission)

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