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Central bank raises lenders' credit quota to bail out SMEs

(Xinhua)
Updated: 2008-08-05 18:12

The People's Bank of China (PBOC), the central bank, has agreed to raise the 2008 credit quota by 5 percent for nationwide commercial banks, and 10 percent for local commercial banks, the Shanghai Securities News reported on Tuesday, quoting an unidentified PBOC official.

The credit quota rise aimed at easing the financing difficulties of small- and medium-size enterprises. Moderate adjustments could be made according to different cases of local banks, the official said.

Since January, the PBOC has raised the interest rates five times, and strictly controlled credit quota, in order to cool down the country's overheating economy and curb inflation.

Scores of local financial institutions applied for credit increases in July and were approved by the PBOC at the end of the month. The credit quotas would be increased in forms of sub-loan, rediscount and deposit reserve cut, the newspaper reported.

In the first quarter, commercial banks nationwide extended more than 2.2 trillion yuan ($340.9 billion) in loans. Of this, only 300 billion yuan went to small- and medium-size enterprises, 30 billion yuan less than the same period last year, according to China Banking Regulatory Commission (CBRC).

According to the National Development and Reform Commission (NDRC), in the first half 10 percent of small- and medium-enterprises experienced a growth rate of industrial added-value at approximately 30 percent, 15 percentage points lower than the same period last year. In addition, about 67,000 small- and medium-size enterprises collapsed because of financing difficulties.