China’s financial system pledges efforts to serve real economy

BEIJING,(Xinhua) — China’s financial system will continue to improve its ability to serve the real economy, according to a report from the State Council.

The report on financial work was submitted on Saturday to lawmakers for deliberation 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 a prudent monetary policy, provided stronger support for the real economy, and ensured the smooth operation of the financial market, said the report.

China’s yuan-denominated loans rose by 19.75 trillion yuan (about 2.75 trillion U.S. dollars) in the first nine months of 2023, an increase of 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 that supported the manufacturing sector expanded by 38.2 percent year on year, while the balance of loans to small and medium-sized technology companies rose 22.6 percent year on year.

The financial system will strive to stimulate new growth drivers, provide stable financing support for consumer demand such as bulk and service consumption, and strengthen financial services for private enterprises, according to the report.

More efforts will be made to increase financial supply in key areas such as advanced manufacturing, strategic emerging industries, and science and technology enterprises, so as to accelerate the development of a modern industrial system.

The financial system will also back up infrastructure and the construction of major projects, and will prop up support for real estate firms to ensure the delivery of housing projects, it added.