Minsheng has big plans for small business

Banks will strive to transform themselves to meet the needs of small and micro businesses, said Lin Yunshan, assistant president of China Minsheng Banking Corp during the seventh 21st Century Annual Finance Summit of Asia, which concluded on Dec 2 in Beijing.

Lin's comments echoed Premier Wen Jiabao's report on this year's two sessions, in which he said China will deepen the reform of its financial systems by improving services for small and micro businesses.

A private bank, China Minsheng Banking Corp began working with small and micro businesses in 2009. By December 2011, the loan balance from small and micro businesses had surpassed 300 billion yuan ($ 48 billion).