BEIJING - Chinese bank loans to small businesses grew in March as government policy continued to support such firms to bolster jobs and growth, the central bank said on Wednesday.

Outstanding loans extended to small businesses in China rose by 14.5 percent year on year to 18.75 trillion yuan ($2.8 trillion) by the end of March, up 0.6 percentage points from the end of 2015, according to the People's Bank of China (PBOC).

The growth was two and five percentage points higher respectively than the growth rates of loans received by large- and mid-sized businesses by the end of March.

The loans to small businesses accounted for 30.3 percent of China's total loans to enterprises as of the end of March, up 0.6 percentage points from the same period last year, the PBOC said.

Chinese authorities have encouraged banks to support the development of small businesses, which have difficulty accessing bank loans.

The banking regulator has implemented differential regulatory policies to improve the coverage of loans for small businesses and reduce their financing costs.