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China-Banking commission urges more SME loans

china-loosens-banking-regulationsChina’s Banking Regulatory Commission is urging major banks to set up new departments to deal with financing for small and medium-sized enterprises, or SMEs.

The commission says in the first two months of this year, banks issued new loans worth 2.7 trillion yuan. But most of this amount went to large projects and key industries.

Wang Zhao, vice chairman of the Banking Regulatory Commission, says banks should hire extra staff and set up separate departments with specialized examination and approval systems to better serve SMEs.