‘Underbanked’ Need Better Ways to Borrow, Advocate Says
The leader of a government-affiliated body aimed at promoting lending to the agricultural sector and small businesses has called for an overhaul in the way China provides financial assistance for small businesses, rural enterprises and poverty alleviation efforts, arguing that capital must be provided with greater subtlety to prove effective.
Liu Kegu, who heads the inclusive finance working committee of the China Small and Midsize Enterprises Association, told a development summit that so far China’s efforts to extend financing to those largely excluded by the system’s current structure have been hampered by misguided statistical and policy frameworks and the pursuit of goals that are too vague to match the needs of the real economy.
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