Local governments rely on bank credit to invest in infrastructure and real-estate development. A report released early this year by the People’s Bank of China showed that close to one-third of the country’s total outstanding loans, or 14 trillion renminbi ($2.2 trillion), were owed by local governments.
而中小企业融资的主要障碍则是中国的地方政府，它们和中小企业争夺贷款并不出意外地将后者挤压出正式金融部门。地方政府以来银行信贷来支撑基础设施建设和房地产发展。中国人民银行今年年初发布的报告显示全国近1/3的未偿还贷款（14万亿人民币，折合2.2万亿美元）由地方政府欠下。在过去几年，有30~40%的贷款被投入政府基础设施建设项目。