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Image Source : China Visual
BEIJING, October 17 (TMTPOST)—China"s six major state-owned banks said recently that they will try their best to prop up the real economy.
Last Sunday, the 20th National Congress of the Communist Party of China (CPC) opened at the Great Hall of the People in Beijing, capital of China. It was mentioned that in order to realize a modern industrial system, China will adhere to focusing on economic development of the real economy, promoting a new type of industrialization, and providing strong support for increasing China"s strength in science and technology, product quality, aerospace, cyberspace, and transportation, and for building a digital China and a smart society.
The top five banks, the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), China Construction Bank (CCB), the Bank of Communications (BOCOM), and the Agricultural Bank of China (ABC), all issued statements on Sunday, committed to further supporting and stabilizing the development of the real economy with enhanced financial investment.
Compared with 2021, the newly issued yuan loans approved by ICBC, BOC, CCB, BOCOM and ABC from January to September reached 2.2 trillion yuan ($305.92 billion), 1.69 trillion yuan ($235.1 billion), 2.1 trillion yuan($292.14 billion), 644 billion yuan($89.56 billion), and 2.2 trillion yuan($305.92 billion) respectively.
According to the financial data for the first three quarters of 2022 released by the People"s Bank of China on the evening of last Tuesday. RMB loans increased by 18.08 trillion yuan($2.51 trillion) in the first three quarters, a rise of 1.36 trillion yuan($189.08 billion) year-on-year. RMB loans increased by 2.47 trillion yuan ($343.38 billion) in September, an increase of 810.8 billion yuan ($112.72 billion) year-on-year, almost doubling from the 1.25 trillion yuan ($173.82 billion) in August. Despite the usual seasonal highs in September"s financial data, the figure still far exceeded previous market expectations.
According to the aforementioned announcement, the six major banks added about 9.53 trillion yuan($1.32 trillion) in new RMB loans in the first three quarters, accounting for more than half of the total RMB loan increment of 18.08 trillion yuan ($2.51 trillion) in the first three quarters.
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