A cashier counts RMB banknotes at a bank in Haian, Jiangsu Province. [Photo/Sipa]
BEIJING – China’s financial system will continue to improve its ability to serve the real economy, according to a State Council report.
The report on financial work was submitted to lawmakers on Saturday for consideration at the ongoing session of the Standing Committee of the National People’s Congress.
Since the fourth quarter of 2022, the financial system has precisely and effectively implemented prudent monetary policy, provided greater support to the real economy and ensured the smooth functioning of the financial market, the report said.
China’s yuan-denominated loans rose by 19.75 trillion yuan ($2.75 trillion) in the first nine months of 2023, up 1.58 trillion yuan year-on-year, data from the report showed.
By the end of September, the balance of medium- and long-term loans to support the manufacturing sector grew by 38.2 percent year-on-year, while the balance of loans to small and medium-sized technology companies increased by 22.6 percent year-on-year. Year.
According to the report, the financial system will strive to stimulate new growth drivers, provide stable financing support for consumer demand such as mass and service consumption, and strengthen financial services for private companies.
Further efforts will 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 financial system will also support infrastructure and construction of large-scale projects and support real estate companies to ensure the implementation of housing projects, it said.
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