Chongqing - Recently, the People's Bank of China Chongqing Municipal Branch reported that as of August 2024, the balance of domestic loans from financial institutions in Chongqing reached 5.81 trillion Yuan (USD 819.16 billion), reflecting a 6.6% year-on-year growth. This increase is attributed to more vigorous support for key sectors, particularly through inclusive finance.
Inclusive finance provides accessible banking services—such as loans, savings, and insurance—to low-income groups, small businesses, and rural residents, helping improve livelihoods and promote economic growth. The Postal Savings Bank of China Chongqing Branch (PSBC Chongqing Branch) has been instrumental in optimizing its services to increase accessibility and convenience for these groups.
PSBC Chongqing Branch has promoted its "Social Security + Financial" one-stop service in recent years, allowing citizens to handle social security matters at its outlets. On September 11, Wang Qin, a resident of Chongqing Tongliang, was pleasantly surprised to complete her pension claim for urban and rural residents within minutes at PSBC Chongqing Branch in Tongliang. She shared: "I never expected to claim my pension benefits at a bank; it's incredibly convenient!"
In addition to social security services, PSBC Chongqing Branch has also reached out to businesses, micro-enterprises, and rural residents, introducing tailored financial products. A notable example is the loan product designed for the pepper industry.
During the June pepper harvest in Chongqing Jiangjin, distributor Fan Bo wanted to purchase more peppers but faced a cash shortage. Without collateral, he was hesitant to apply for a loan. PSBC Chongqing Branch's account manager introduced him to the loan product exclusively for the pepper industry, which uses flexible credit and guarantee methods to provide financing. He secured a loan of 1 million Yuan within days.
PSBC Chongqing Branch also supports employment and small businesses through innovative financial tools. In a first for Chongqing, it issued an e-CNY entrepreneurship guarantee loan to Chen Chao, the owner of a motorcycle repair shop in Chongqing Changshou, helping him purchase spare parts.
To simplify financing for small businesses, PSBC Chongqing Branch launched a digital platform where users can scan a QR code to access all PSBC Chongqing Branch services and apply for loans online. Chongqing Weijin Ecological Agricultural Development Co., Ltd. (Wenji), facing a cash shortage and urgency to expand its herbal medicine cultivation, used the platform to secure a 400,000 Yuan loan in just three minutes, resolving its financial needs. The company's leader was amazed by the convenience.
Through these inclusive financial products and services, PSBC Chongqing Branch is driving both enterprise growth and community development while contributing to the overall growth of Chongqing's financial sector.