Bank officials Sunday unveiled a project to offer loans totaling 80 billion yuan (about US$9.7 billion) over the next three years for small and medium-size enterprises in the eastern province of Zhejiang.
Ding Zhongchi, head of Zhejiang branch of the Industrial and Commercial Bank of China (ICBC), said the ICBC would provide additional loans of 150 billion yuan (US$18 billion) for the province, 60 percent of which would go to private companies, especially small and medium-size ones.
Ding's announcement received a warm welcome from private sector representatives, who met Sunday for a seminar in Wenzhou, a city known for its booming private enterprises.
The private sector has become an important economy impetus of Zhejiang, which has over 600,000 non-government enterprises. In Wenzhou, the private sector makes up 99 percent of the city's whole economy.
Ruan Hui, vice-mayor of Wenzhou, said financing assistance for private companies was the priority for economic development in Wenzhou.
Statistics show the ICBC Zhejiang branch has granted loans totaling 608.5 billion yuan (US$76 billion) since 1997, 60 percent of which went to small and medium-sized companies.
(Xinhua News Agency April 7, 2003)
