Beijing: Loans issued to China's technology small and medium-sized enterprises (SMEs) grew at an average annual rate of over 20 percent during the 14th Five-Year Plan period (2021-2025), central bank governor Pan Gongsheng said on Monday.

According to Namibia Press Agency, this substantial growth rate highlights the significant financial support directed towards the tech sector, which is a critical component of China's economic strategy.

The increase in lending to tech SMEs aligns with China's broader economic goals outlined in the 14th Five-Year Plan, which emphasizes innovation and technological advancement. The central bank's focus on facilitating loans to these enterprises underscores the government's commitment to nurturing the tech industry, which is viewed as a key driver of economic growth and global competitiveness.

The central bank's efforts are part of a series of initiatives aimed at boosting the domestic tech sector's capabilities, ensuring that these enterprises have the necessary financial resources to innovate and expand. The sustained growth in loan issuance is likely to have a lasting impact on the development and global positioning of China's technology SMEs.