ICBC post growth in SME loans in midwest and northeast China

ICBC increased its loans to small enterprises in the Midwest and Northeast China in the first seven months from 65.6% or 155.2% respectively against beginning of the year.

This represents an increase of 37 and 127 percentage points.

The two regions have become important growth poles for small business loans.

Several factors contributed to the growth of loans to small enterprises in Midwest and Northeast China, said an executive with ICBC. China's strategy to promote the coordinated development of regional economy has brought great opportunity for local small enterprises to thrive. ICBC's strategy to gradually push ahead services to small enterprises over recent years and the long-term fostering of small business loan markets in Midwest and Northeast China have also directly led to the business development.

In the first seven months of 2011, small business loan outstanding of the five ICBC branches in Northeast China (Inner Mongolia, Liaoning, Jilin, Heilongjiang and Dalian) all increased over 100% against beginning of the year, that is, 143%, 190%, 115%, 140%, 183% respectively.

Sichuan Branch, Gansu Branch and Ningxia Branch which are located in Midwest China also showed robust growth in small business loans, increasing 122%, 165%, 114% respectively against beginning of the year.