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China’s Small Businesses Face Financing Difficulty, Xinhua Says

Dec. 30 (Bloomberg) -- China’s small businesses continue to face difficulty getting loans as lenders view them as risky, Xinhua News Agency reported, citing the chief engineer of the Ministry of Industry and Information Technology.

China needs to set up small- and medium-sized financial services providers to meet the demands of small businesses, Xinhua reported, citing the ministry’s Zhu Hongren. The nation also needs to encourage and guide more private capital to fund them, Zhu said.

To contact Bloomberg News staff for this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net

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