On August 24, IB diligently followed the requirements of the Notice on Carrying out the Financing Promotion Actions for MSMEs with “One Chain, One Policy and One Batch” issued by five departments including the Ministry of Industry and Information Technology of the People’s Republic of China, the People’s Bank of China and the National Administration of Financial Regulation, organized a special mobilization and deployment meeting, and issued the Working Program of the Industrial Bank on Promoting Financing Actions for MSMEs with “One Chain, One Policy and One Batch” (hereinafter referred to as the Working Program). It formulated 23 measures to provide financial services for leading enterprises in the industry chain of manufacturing and MSMEs in the key industry chain of specialized but ultra-new “little giant” enterprises, supporting the high-quality development of the real economy in China.
The IB’s Working Program covered four key areas, i.e., “one” action target, “two” key customer groups, a “three-party” cooperating mechanism, and “four” service strategies, and introduced 23 measures, focusing on active connections with competent government departments, active visits to enterprises on the chain, and carrying out the in-depth promotional meetings of products, strengthening support for credit policies, continuing to strengthen resource allocation, expanding the scope of cooperating subject guarantees, unblocking equity financing channels, and improving the system of product supply chains, so as to ease the situation of expensive and difficult financing of a number of MSMEs on the chain with high-quality and efficient financial services.
As an important engine of China’s economic development, MSMEs played an important role in economic prosperity, stabilized employment, and the promotion of innovations. In recent years, IB regards inclusive finance as one of “five new areas” in its key layout, provides services at the grassroots level, improves the supply structure, and explores new modes of inclusive financial services in China. In 2022, it introduced the service model of “chain leader system” for emerging industry chains, which has changed the traditional single-household service for enterprises to the overall development of industry chains, and effectively promoted integrated management of industry chains so as to continuously improve the financing availability of MSMEs in the upstream and downstream of the industry chain. Recently, IB has formulated and released Action Plans of the Industrial Bank for Supporting the Development and Growth of the Private Economy, introducing 28 measures to support the development and growth of the private economy. It actively carried out the activity of “Visiting Ten Thousand Enterprises, Raising Confidence and Providing Better Services” to offer diversified financial support for private MSMEs, and to enhance the financing convenience and feasibility. By the end of July 2023, IB’s balance of loans to MSMEs exceeded RMB 2 trillion, and the balance of loans to MSMEs increased by nearly RMB 1 trillion in the past three years, with an increase rate of nearly 80%.