China Banking and Insurance Regulatory Commission and National Development and Reform Commission review CNY 10 trillion in credit support for small and micro enterprises and set next-phase priorities

The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission convened a joint meeting to advance the coordination mechanism for financing support to small and micro enterprises, taking stock of progress since its launch in October 2024 and deploying priorities for the next stage of work. Since inception, a four-tier working structure has been rapidly established and put into operation across regions. Local authorities and participating institutions have conducted visits to more than 50 million small and micro enterprises, self-employed businesses and other market entities, with cumulative credit approvals exceeding CNY 10 trillion; the outstanding balance of renewal loans without principal repayment was close to CNY 7 trillion. The meeting called for removing hidden barriers that impede financing for private and small firms, expanding outreach and problem-solving for enterprises, and guiding banks to increase resource input and improve service levels in line with the objectives of reaching基层, being fast and convenient, and offering appropriate interest rates. Next steps focus on promoting mutual learning across regions, summarising and scaling effective local practices, and strengthening follow-up coordination to resolve practical difficulties encountered by small and micro enterprises.