China's efforts to promote financing coordination for small and micro companies are already bearing fruit, official data showed.

Since a coordination mechanism for supporting small and micro enterprises in obtaining financing was established in October 2024, total credit granting has exceeded 10 trillion yuan (about $1.4 trillion), the National Financial Regulatory Administration (NFRA) said at a meeting on Tuesday.

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Over 50 million business entities, including small and micro firms, and self-employed businesses, have been visited since the initiation of the working mechanism, which was led jointly by the NFRA and the National Development and Reform Commission (NDRC), according to the NFRA.

The two departments emphasized at the meeting the need to eliminate various hidden barriers that impede financing for the private sector and small and micro companies and called for all-out effort to support these businesses to overcome challenges and achieve healthy development.

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Looking ahead, it was agreed that the mechanism should play a more substantial role and guide banking institutions to increase resource investment and improve service levels to assist companies in increasing orders and expanding markets.