China's finance ministry boosts inclusive finance with new policies

A staff member works at a Hanfu factory in Caoxian County, east China's Shandong Province, July 6, 2023. (Xinhua/Guo Xulei)

BEIJING, Sept. 13 (Xinhua) -- China's Ministry of Finance has rolled out policies to boost inclusive finance in the next five years. These policies will take effect on Oct. 1.

The central government will arrange funds for inclusive finance to support discounts in start-up loan interest rates, construction of demonstration-zone for inclusive finance, and subsidies for rural financial institutions.

Eligible start-ups can apply for a discount of 50 percent of the actual loan interest rate or other subsidies amid the country's efforts to create jobs, according to the policies.

China has been facilitating financing for small businesses. The outstanding inclusive finance lending to small and micro-sized companies reached 27.7 trillion yuan (3.85 trillion U.S. dollars) at the end of June, up 26.1 percent year on year, according to the Ministry of Industry and Information Technology.