Beijing: China is stepping away from setting sharp growth targets for lending to small businesses after meeting a goal that had weighed on the shares of its biggest banks.
Calling for a more calibrated approach to funding its small businesses, Chinese regulators on Tuesday revealed that its big five state-owned banks, including Industrial & Commercial Bank of China Ltd, have increased lending to small business by 48% in the first nine months of the year, beating a 30% target set earlier in 2019.
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