Small and medium-sized enterprises (SMEs) play a crucial part in the creation of jobs, in driving economic growth and as a source of innovation in many countries, including China with its goal of common prosperity. The number of SMEs in China exceeded 52 million in 2022, while their combined operating revenues topped Rmb80 trillion ($11 trillion).
However, the Covid pandemic caused severe difficulties for SMEs as they suffered from rising costs, supply-chain disruptions and weakened demand.
Banks can play a crucial role in helping SMEs to survive in such an environment. Ping An Bank stood out in 2022 for providing much-needed support for the sector, in particular for micro-SMEs.
Ping An only established its SME business in 2008, but by the end of 2022 it had become the joint stock bank with the largest number of SME customers. Last year, it lent Rmb557.3 billion, up 41.2% from a year earlier, to more than a million SMEs.
The bank has harnessed technology for its rapid growth. In 2022, Ping An tapped into artificial intelligence and launched ‘Intelligent Bank 3.0’, a system that puts the needs of its SME customers at the forefront. The system conducts intelligent matching, analysis and research to provide targeted personalized services, meeting the diverse and unique needs of each customer.
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