The Industrial and Commercial Bank of China has said that it will give greater lending priority to small and medium-sized enterprises. The approval process will be simplified and lending requirements for small enterprises lowered. Secondary branches of the bank would also have the power to make lending decisions of up to Yn50m.
About 90 per cent of new industrial loans go to large corporations with higher credit ratings, said Ma Jiantang, deputy secretary general of the State Economic and Trade Commission. He added that monopoly industries, such as tobacco, power and telecommunications, were also dominant.