China Construction Bank (CCB) is taking steps to support and promote the development of the private economy in China. The private economy is seen as a new force in promoting Chinese-style modernization and high-quality development. It plays a positive role in stabilizing growth, promoting innovation, increasing employment, and improving people’s livelihood.
CCB has always worked with private enterprises to enhance credit and build friendship. In line with this, “CCB Today” has opened a column on “Action to Help Private Enterprises Build.” The bank focuses on nine key points and does a good job in “six empowerments” to support private enterprises.
The measures introduced by CCB include innovative financing products, increasing financial supply, and optimizing convenient services. These measures aim to promote confidence, vitality, and stabilizing development in private enterprises. The bank has also formulated an “Action Plan to Support the Development and Growth of the Private Economy” and introduced measures such as “10 Strategies to Help the Private Economy Strengthen the Province in the New Era.”
China Construction Bank Fujian Branch has been actively upgrading its services for private enterprises. They have provided private loans of 165.5 billion yuan to more than 160,000 private customers and have reduced fees for market entities. The profit transfer for the branch has exceeded 1.7 billion yuan. These efforts are aimed at boosting the confidence and vitality of private enterprises.
The Fujian Provincial Branch of CCB has implemented national policy requirements to support the development of the private economy. They have improved financial practices, implemented fee reduction and profit sharing, and gathered the strength of all parties to support the high-quality development of the private economy.
One example of CCB’s support is the Nanping Sun Cable Building Cable Intelligent Manufacturing Project. The project is driven by digital transformation, and CCB’s “chain package” has accompanied the company’s growth journey. The bank has provided medium and long-term loans tailored to the production cycle and payment cycle, and has launched the “eXinTong” service platform for supply chain financing. This has deepened the linkage of environmental assessment and green financing to help build a green industrial chain.
CCB has also implemented various measures to support the development of private enterprises. In 2009, specialized “small business credit factories” were established to provide one-stop financial services to small and micro-enterprises in Fujian. In 2018, CCB promoted inclusive finance and developed a dense digital inclusive service network. In October 2020, a digital service mechanism for the private economy was established in collaboration with the Fujian Provincial Federation of Industry and Commerce. In May 2022, a series of inclusive personal business products will be released to make it easier for small and micro businesses to integrate. In 2023, measures to support the private economy were introduced, and the “Action Plan to Support the Development and Growth of the Private Economy” was formulated.
The Fujian Branch of CCB has also strengthened comprehensive services and implemented specialized service content to support the transformation and upgrading of private enterprises. They have developed tailor-made credit evaluation systems for scientific and technological innovation enterprises and specialized and special new enterprises. They have also provided supply chain finance to benefit small, medium, and micro enterprises in the industrial chain.
CCB has also solved financing difficulties for private enterprises through innovative approaches. They have launched quick loan products for small and micro enterprises, such as the “Yunong Quick Loan,” which has provided credit loans to agricultural-related customer groups. The Fujian Provincial Branch has organized service teams to “collect data” and “grow credit” in the fields, providing unsecured, unsecured, and purely credit-worthy loans to qualified applicants. They have also used financial technology to enhance credit and launched big data credit products.
Since the beginning of this year, the Fujian Provincial Branch has provided inclusive loans of over 125 billion yuan to small and micro enterprises and individual industrial and commercial households. Online loans account for more than 90% of the balance of inclusive loans.
Overall, CCB’s efforts to support and promote the development of the private economy in China are aimed at enhancing confidence, increasing vitality, and stabilizing the development of private enterprises. Through various measures and innovative approaches, CCB is playing a crucial role in driving the growth and modernization of the private economy in China.