China extends 2.2 bln USD in loans to small firms

China's Ministry of Industry and Information Technology says the government has spent about 14 billion yuan, or 2.2 billion U.S. dollars, supporting the development of small and micro-sized firms this year.

Around 160 thousand of these businesses received cheap loans, valued at more than 600 billion yuan. In the coming year, the Ministry plans to increase measures to support those companies, including establishing special funds and working to reduce their financial burdens in the long-term.