Small businesses in Xinjiang receive more bank loans

Micro and small enterprises (MSEs) in Northwest China's Xinjiang Uygur autonomous region have seen double-digit growth of loans for 11 consecutive months since last December, the People's Bank of China (PBC) Urumqi branch said Dec 5.

Outstanding loans to Xinjiang MSEs reached 339.2 billion yuan (about $48.1 billion) by the end of October, up 16.9 percent year-on-year, the bank said. The growth rate is twice that for all enterprises.

To facilitate financing to MSEs, the PBC Urumqi branch has established a platform where credit information of MSEs are shared. So far, the platform has registered 64,500 MSEs.

As part of the central bank's counter-cycle adjustment measures, banks in Xinjiang have made six reserve requirement ratio cuts since 2018, unleashing 78.7 billion yuan in total.