China's inclusive financial loans grow faster

BEIJING - China's inclusive financial loans sped up in the first quarter of 2019, said the central bank in a report.

The outstanding inclusive financial loans amounted to 15.57 trillion yuan ($2.31 trillion) by March, up 14.4 percent year-on-year, faster than 12.5 percent at the end of the fourth quarter last year, according to the People's Bank of China.

Outstanding loans to small and micro firms grew the fastest among all sectors of inclusive financial credit, going up 19.1 percent to 10.05 trillion yuan.

Due to the government's policy to resolve financing difficulties of small and micro businesses, banks at all levels are encouraged to lend more to such firms in 2019.

Loans to farmers, start-ups and students as well as poverty alleviation loans also saw increases, leading to comprehensive expansion in all sectors of inclusive financial credit.