Jan. 15, 2007 (China Knowledge) – The Industrial and Commercial Bank of China (ICBC) is targeting small and medium-sized enterprises (SME) to account for half of its loans over the next three years.

A plan has been set up by ICBC to increase loans from SMEs by more than half, said ICBC. The lender intends to increase loans to SMEs from RMB 1.1 trillion at the end of 2006 to RMB 2 trillion, accounting for almost 50% of total loans.

ICBC is eyeing on SMEs as this will allow the bank to develop corporate financing, clearing, investment banking, e-banking, agent commissions and bank card activities, said the spokesman.

Statistics show that China has 42 million SMEs, which make up 99% of all Chinese enterprises. SMEs also provided 75% of job opportunities of all domestic enterprises, offered half of the products and services and contributed half of the taxes.