As part of the ongoing effort to promote development and finance of small- and medium-sized enterprises (SMEs) in the country, the Ministry of Industry and Information Technology (MIIT) has recently published a new set of guidelines for classifying SMEs. For the first time ever, the MIIT has included definitions for microenterprises in the classification standards, signaling increased policy support. In addition, the new classification standards will include other acute departures from the previous standards issued in 2003.
As part of efforts to promote equal development of financial services across regions in China, the China Banking Regulatory Commission (CBRC) announced plans on June 23rd, 2011 to encourage financial institutions to develop financial services to 500 administrative villages and townships that are not currently being served and have no access to financial products or services1.
BEIJING -- China's small-scale credit companies have issued a total of 89.4 billion yuan ($13.75 billion) of new loans in the first half of this year, the country's central bank said Tuesday.
China has a total of 3,366 micro-financing firms by the end of June this year with outstanding small credit reaching 287.5 billion yuan, up from 3,027 companies three months ago, the People's Bank of China (PBOC) said in a statement on the website.
On February 26th, the Beijing Civil Affairs Bureau announced during it’s annual meeting that the four categories of social organizations: 1) Commerce & Industry , 2) Public Charities, 3) Public Welfare and 4) Overseas Non-Governmental Organizations (NGOs, also known as the Third Sector), no longer need affiliations to supervising departments in order to register with the Civil Affairs Bureau. As such, the practice of placing public servants into social organizations in a supervisory capacity will slowly be phased out.
This posting was adapted from the press release published by the China Association of Microfinance on January 21st, 2011. China Ass
On January 21st, 2011, Plan International China (PLAN), Youcheng Purong Information Advisory Co., Ltd. (YPR) and China Association of Microfinance (CAM) jointly announced an agreement for sharing microfinance management software for the development of microfinance in China.
