Facing unprecedented challenges brought about by COVID-19, China has been working to stabilize its economy and boost its recovery through a series of measures and reforms. That includes increasing loans to different sectors including small and micro businesses.
Officials said Friday that China almost achieved its credit growth target of 20 trillion yuan for 2020. The world's second largest economy reported a total of over 19 trillion yuan or 3 trillion U.S. dollars of newly-issued yuan-dominated loans for the year. That's up by 430 billion U.S. dollars year-on-year.
Officials also say that medium and long-term loans to the manufacturing sector rose over 35 percent in 2020. For small and micro businesses, loans increased by over 30 percent last year. And there's more to boosting the sector.
