BEIJING, May 5 (Xinhua) – China’s inclusive finance services developed rapidly in the first quarter of this year, according to a report released by the People’s Bank of China on Monday.
The loan balance of the inclusive finance sector amounted to 15.57 trillion yuan by the end of first quarter this year, up 14.4 percent year on year. The growth rate was 1.9 percentage points higher than the end of 2018.
Lending to small and micro businesses surged 19.1 percent year on year to 10.05 trillion yuan by the end of first quarter of this year, and loans for agricultural household production and business stood at 5.18 trillion yuan, up 6.6 percent year on year.
Inclusive finance includes affordable, convenient and safe financial services for farmers, small businesses, those on low incomes, the disabled and elderly. (Edited by Yang Yifan, yangyifan@Xinhua.org)
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