China continues to strengthen its support for the real economy through various means, including stabilizing foreign trade, supporting technologically advanced small and medium enterprises and promoting green finance for sustainable development, experts said.

The country’s banking sector also continues to consolidate its capacity to serve the real economy, the part of a country’s economy that produces real goods and services.

In the first 11 months of 2021, new bank loans reached 19.2 trillion yuan ($ 3.01 trillion), which went mainly to sectors such as manufacturing and infrastructure construction, a Zhang Zhongning, spokesperson for the China Banking and Insurance Regulatory Commission, said at a press conference. recent press conference.

At the end of November, outstanding loans to small businesses with a total line of credit of up to 10 million yuan per borrower stood at 18.7 trillion yuan, up 24.1 percent year-on-year. Zhang said.

The Import-Export Bank of China has strengthened lending to foreign trade enterprises, boosting the country’s dual-flow development model which takes national development as a pillar, with national and international development mutually reinforcing. At the end of November, its outstanding loans to the foreign trade sector reached 2390 billion yuan, said Wu Fulin, chairman of the state bank.

China Eximbank has helped Chinese exporters stabilize the number of orders they receive and increased support for companies developing diverse overseas markets or participating in the Belt and Road initiative.

It also increased funding for 158 leading companies in five key foreign trade-related industries, such as information and communications technology, pharmaceuticals and automobiles, and will add three more industries, including the new energy sector, to the list of major industries. So far, its outstanding loans to these key companies have reached around 200 billion yuan, Wu said.

The bank has taken multiple measures to support micro, small and medium-sized foreign trade enterprises.

At the end of December, its outstanding special loans to the foreign trade sector reached 33.3 billion yuan, up 16.3 billion yuan from the start of last year, supporting more than 10,000 small businesses, he said.

China Construction Bank Corp, a large state-owned commercial bank, has increased lending to major “new infrastructure” projects in certain areas, including 5G, large data centers, artificial intelligence, industrial Internet of Things and new energy vehicle recharging batteries. It has optimized service procedures, regularly published a list of companies borrowing new infrastructure loans, and added clients to its list of high priority loans, said Wang Jiang, chairman of CCB.

In the meantime, the bank has further strengthened its support for technologically advanced SMEs by using big data technologies and a series of quantitative indicators to assess the continuous innovation capacities of science and technology companies on the basis of their rights. of intellectual property. It has adopted various credit enhancement measures for companies with strong innovation capabilities and strong market potential, Wang said.

At the end of November, among the 4,762 technologically advanced “small giant” companies at the national level announced by the Ministry of Industry and Information Technologies, the CCB had supported 854 of these companies and its balance owed to these companies reached 24 , 84 billion yuan.

The bank will step by step create a full lifecycle financial services system for science technology companies, integrating incubation and lending with investment services to help startups move from early stages to growth stages and expansion, Wang said.

China Everbright Bank Co, a national commercial equity lender, has also made efforts to support the development of the manufacturing industry and the private sector by allocating special purpose loan quotas to companies in these areas, creating channels simplified and accelerated for credit approval, and offering preferential financing costs, said Fu Wanjun, president of the CEB.

Preliminary statistics show that at the end of 2021, the outstanding CEB medium and long-term loans to the manufacturing industry stood at 137.6 billion yuan, up 46% from the beginning of the year. ‘last year.

During the same period, the outstanding balance on its loans to small businesses that have a total line of credit of up to 10 million yuan per borrower jumped 27 percent to 237 billion yuan.
Source: China Daily