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Banks boost local technological innovations and inclusive finance: regulator

August 10, 2018

Banking financial institutions in Shanghai have lent great support to local scientific and technological innovations during the past year, and they also boosted the financial inclusion of small and micro enterprises, the local banking watchdog said.

As of the end of June 2018, the number of local science and technology companies that have received bank loans reached 5,768, up 15.1 percent year over year, according to the Shanghai bureau of China’s Banking Regulatory Commission.

Their combined outstanding loans stood at 241.7 billion yuan (US$35.1 billion), rising 21.1 percent from twelve months earlier. The non-performing loan ratio was 0.36 percent, lower than the local overall banking sector by 0.21 percentage points.