(Yicai Global) Oct. 19 -- State-owned Industrial and Commercial Bank of China, the world's biggest bank in terms of assets, has signed financial service agreement with 100 private enterprises as part of efforts to solve their recent financing problems and promote their development.
The 100 enterprises involved come from sectors including equipment manufacturing, food and beverage, environmental protection, transportation, information technology & telecommunications, textiles, and chemicals, according to a statement from ICBC.
Among the companies to sign deals are conglomerate New Hope Group, consumer electronics maker Skyworth Group and Dayu Watersaving Group. ICBC will also help them to optimize their financial structures and enhance market value, according to the agreement.
China's central bank the People's Bank of China held a symposium in September to listen suggestions on banking services for private enterprises. The China Banking and Insurance Regulatory Commission has since issued a document requiring financial institutions to support the development of small and medium-sized enterprises too.
Banks are implementing regulatory policies and vigorously promoting loans to private-owned, small and micro enterprises. Agricultural Bank of China Chairman Zhou Mubing has arranged financial services for small and micro enterprises following a meeting in August, Yicai Global has learned.
Hui Zhao, general manager of risk management and quality control department at China Minsheng Bank, a private-owned commercial bank, told reporters that the overall overdue repayment and non-performing loan rates of the bank's financial services for small and micro enterprises have declined.