Deputy Director Cong Lin of the China Banking and Insurance Regulatory Commission: A total of 12.6 trillion yuan in new loans has been issued to support the financing of small and micro businesses through the coordination mechanism.

On May 8, Lin Cong, deputy director of the China Banking and Insurance Regulatory Commission, stated at a press conference that the regulatory agency is coordinating the creation of an information sharing mechanism. In the physical world, the regulatory agency, together with the National Development and Reform Commission, has established a mechanism to support the financing coordination work for small and micro enterprises, promoting direct credit funds to the grassroots level in a fast, convenient and suitable interest rate manner. Through this mechanism, loans totaling 12.6 trillion yuan have been newly issued to small and micro entities, with an average interest rate of 3.66%. In the online world, efforts are being made to build credit information sharing and financial comprehensive service platforms in multiple locations, allowing data to flow more freely and reducing the need for businesses and banks to deal with excessive red tape, using data information to support banks in issuing credit loans. By the end of the first quarter, the balance of credit loans to private enterprises reached 18.1 trillion yuan, an increase of 15.4% year-on-year.