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China SME Finance Annual Report 2014

China SME Finance Annual Report 2014

China's Mintai Institute of Finance and Banking has just released an English Summary Translation of its latest 2014 Annual Report on MSME Finance. The original Chinese version published in August 2014 has over 400 pages of good analysis on the developments and challenges of financing MSMEs in China, with rich information and statistics. Two highlights from this summary translation are of particular note. First, by the end of 2013, China's formal banking institutions provided credit to 12.5 million micro and small enterprises (MSEs) with an outstanding amount of RMB 17.76 trillion Yuan (1 USD = 6.1 Yuan, i.e. USD 2.9 trillion). This came to about 22% of the total number of MSEs served in the country. Second, there has been an explosive growth in informal finance (financing activities not under the regulatory oversight) mainly because of the rapid development of digital finance. This meets the needs of those MSMEs which cannot get formal financing. The outstanding amount is estimated at 7.4 trillion Yuan at the end of 2013.

 

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