Linyi improves inclusive financial services

The Linyi financial regulatory authority is improving inclusive finance by guiding local financial institutions in supporting small businesses, agriculture, key groups, and sustainable market development.

By the end of March, the balance of loans in key inclusive finance areas in Linyi reached 304.39 billion yuan ($42.28 billion), up 15.37 billion yuan from the end of last year. This increase accounted for 29.52 percent of the city's total loan growth. In the first quarter, the city's banking sector issued 102.39 billion yuan in loans to key inclusive finance sectors.

For small and micro businesses, the branch will further use the financing coordination mechanism, strengthen interdepartmental cooperation, and organize visits to enterprises in areas such as technology innovation, foreign trade, consumption, and rural vitalization. Banks will also be guided to improve first-loan services, credit loans, medium- and long-term lending, and loan renewal products.

Financial support for agriculture will be strengthened around grain security, seed industry development, the stable supply of key agricultural products, county-level industries, rural development, and urban-rural integration. The branch will also promote a multilayered agricultural insurance system, including insurance for local specialty products and livestock sectors.

For key groups, banks and insurers will be encouraged to develop targeted products for people receiving assistance, veterans, people with disabilities, women, emerging employment groups, farmers, low-income urban residents, self-employed businesses, and small enterprises.

The branch will strengthen supervision and reduce disorderly competition to support the sustainable development of inclusive finance.

Editor：韩蒙蒙