2023-10-22 03:09:00
BEIJING, October 22, 2023 (Xinhua) – A report issued by China’s State Council (Cabinet) said that the Chinese financial system will continue to improve its ability to serve the real economy.
The report on financial work was submitted last Saturday to lawmakers for deliberation during the ongoing session of the Standing Committee of the National People’s Congress.
The report said that the Chinese financial system has accurately and effectively implemented a prudent monetary policy since the fourth quarter of 2022, provided stronger support to the real economy, and ensured the smooth operation of the country’s financial market.
Data results from the aforementioned report showed that China’s yuan-denominated loans increased by 19.75 trillion yuan (regarding 2.75 trillion US dollars) during the first nine months of this year, an increase of 1.58 trillion yuan on an annual basis.
By the end of last September, the stock of medium- and long-term loans that supported the manufacturing sector expanded by 38.2 percent year-on-year, while the stock of loans to small and medium-sized technology companies increased by 22.6 percent year-on-year.
The report noted that China’s financial system will seek to stimulate new growth engines, provide stable financing support for consumer demand such as wholesale consumption and service consumption, and enhance financial services for private companies.
More efforts will also be made to increase financial supply in key areas such as advanced manufacturing, strategic emerging industries and science and technology enterprises, to accelerate the development of a modern industrial system.
The report added that the financial system will also support infrastructure and the construction of important projects, and will also increase support for real estate companies to ensure the delivery of residential projects.
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