A government-led campaign to boost small business financing by 30 per cent has prompted Chinese banks to relax lending standards and lower interest rates even though the sector is known for high numbers of defaults on loans.
The lending spree makes small companies the latest beneficiaries of Beijing’s efforts to rescue the nation’s ailing economy after GDP growth fell to a 30-year low.
However, concerns are growing that a surge in lending to subprime borrowers could result in an increase in bad loans rather than a boost to the real economy.
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