Editor’s note: This was contributed by Hao Huang, President of MYbank. MYbank was established in June 2015 and was among the first batch of pilot private commercial banks in China and is part of Ant Financial Services Group. It was also the first bank in China that was set up entirely on the cloud, without physical branches. Before joining MYbank, Hao Huang held positions at China Construction Bank, Sino-German Bausparkasse, CCB Principal Asset Management.

Imagine for a moment the plight of a small business owner in China. Let’s use as an example the owner of a spicy hotpot restaurant who employs a number of cooking and serving staff. Business is good, and he wants to expand and open a couple more outlets. In the US or Europe, he might go to a bank for a small business loan. But in China, he knows that a loan is not easy coming, so he has to rely on profits to grow. New restaurants will eventually open, but at a much slower rate than if they could borrow money.

The case of a solitary entrepreneur is not common when thinking about China’s extraordinary growth story since it is the country’s corporate titans that attract the most attention. The big companies power ahead with overseas acquisitions, complete record-breaking IPOs, and introduce innovative technologies. But it is important not to overlook the 73 million small and micro-sized businesses that make an important contribution to national economic development.

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TechNode Guest Editors represent the best our community has to offer: insight and perspective on how technology is affecting business and culture in China