Banks in China are political devices - while there is talk of this changing and being friendlier to small and medium businesses. The fact is most of the loans go to government and government enterprises.
It's a growing country and there's lots of people wanting the limited credit.
At one of the CC's they were asked about this and they replied they didn't want to take on loans at 10%. So, it's also possible that they could get loans but just don't want to pay the rate. It would make sense from our perspective to do it but management do seem set against it.
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