CBIRC: renminbi loans in Q1increased by 7.1billion, focusing on manufacturing

Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said that RMB-dominated loans in the first quarter increased by 7.1 trillion yuan, an increase of 1.3 trillion yuan year-on-year.

On April 22, the State Council Information Office held a press conference on the operation and development of the banking and insurance industry in the first quarter.

Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said that RMB-dominated loans in the first quarter increased by 7.1 trillion yuan, an increase of 1.3 trillion yuan year-on-year.

The loans are mainly invested in manufacturing, wholesale and retail, and infrastructure industries, which increased by 1.1 trillion yuan, 0.9 trillion yuan, and 1.5 trillion yuan respectively.

This effectively supports the development of high-tech manufacturing, the transformation and upgrading of traditional industries, residents and public consumption and infrastructure investment.

The government strongly support direct financing such as bonds and equities, and provide comprehensive financing services for enterprises.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/04/23/cbirc-renminbi-loans-in-q1increased-by-7-1billion-focusing-on-manufacturing/.

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