The credit guarantee business in China is important and, theoretically, makes a lot of sense.
Small companies in China often find it difficult to get financing from a bank because they have few hard assets or property that they can pledge as collateral.
In addition, Chinese banks still lend on the basis of policy and often do not trust the financial statements of small-to-medium sized enterprises. That is when a credit guarantee company might step in and, representing a borrower for a fee, convince a bank to lend to the company by promising to repay the loan if its client defaults.
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