CHINA China's financial sector offers better support for real economy

CHINA

China's financial sector offers better support for real economy

Xinhua

19:45, October 21, 2019

BEIJING, Oct. 21 (Xinhua) -- China's financial sectors reported improved quality and efficiency in serving the real economy in the first three quarters, according to the country's top banking and insurance regulator.

During the January-September period, China's new yuan-denominated loans to the real economy totaled 13.9 trillion yuan (about 196.5 billion U.S. dollars), Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, told a press conference Monday.

The reading reported a year-on-year increase of 1.1 trillion yuan, with more capital channeled to key sectors including infrastructure and manufacturing and weak links such as private and small firms, said Huang.

Infrastructure and manufacturing sectors saw new loans rise 2.2 trillion yuan and 770.5 billion yuan, respectively, while outstanding loans offering comprehensive support to small and micro firms reached 10.94 trillion yuan in the period.

Bond investment increased in the first three quarters, and newly-added securities investment by banks totaled 4.7 trillion yuan, said Huang.

The insurance sector played its role in risk management and protection in the first three quarters, Huang added.

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(Photo: VCG)

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