In H1, China's real economy experiences steady credit growth
Date
8/13/2022 6:49:27 AM
(MENAFN) As banks increased credit support, China's real Economy experienced steady growth in the effective capital supply in the first half of the year, a representative of the China banking and Insurance Regulatory Commission (CBIRC) said on Friday.
According to the official, yuan loans increased by 13.68 trillion yuan (roughly 2 trillion dollars) between January and June, an increase of 919.2 billion yuan from a year earlier.
Lending to manufacturing and small businesses increased. At the end of June, there were 21.77 trillion yuan in outstanding inclusive loans to micro and small businesses, a 22.64 percent increase over the same period last year. Manufacturing received 3.3 trillion yuan in new loans, a 1.6 trillion yuan increase over the same period last year.
At the end of June, loans for building infrastructure had increased 11.1 percent from a year earlier.
According to the official, more efforts will be made to increase credit flow to the real economy, including manufacturing and infrastructure, as well as to enhance services for newly arrived urban residents and increase funding for elderly care, health care, and education.
According to the official, the nation's banking industry has maintained steady performance, with a stronger capacity to mitigate risks and adequate capital and provision coverage.
According to the official, authorities are considering running a pilot program in six provinces to help small and medium-sized banks get rid of their bad loans.
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