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The first half of the year saw Jiangsu's domestic and foreign currency deposits and loans both ranked first in China
updated on:2022-08-03 07:52

On July 28, the People’s Bank of China Nanjing Branch held a press conference to update the performance of financial operations in Jiangsu: in the first half of the year, Jiangsu's domestic and foreign currency loans increased by RMB 1.78 trillion, and domestic and foreign currency deposits grown by RMB 2.07 trillion, both ranking first in China.

In the first half of the year, Jiangsu's social financing scale grew by RMB 2.42 trillion, an increase of RMB 56.3 billion over last year. As per the composition, bank credit and government bond financing continued to grow rapidly, which are the main driving forces for the steady growth of social financing scale. According to the data, at the end of June, Jiangsu's domestic and foreign currency loans increased by RMB 1.78 trillion, RMB 222.4 billion more than the same period of 2021, marking the highest ever. Jiangsu's domestic and foreign currency loan balance was RMB 19.84 trillion, a year-on-year increase of 15.2%, 4.4 percentage points higher than the national average. Driven by the acceleration of local bond issuance, Jiangsu's net financing of government bonds was RMB 171.9 billion in the first half of the year, an increase of RMB 67.7 billion over last year, accounting for 7.1% of the increase in social financing in the same period, up by 2.7 percentage points year-on-year.

In the face of the impacts of Covid-19, the financial sector in Jiangsu took the initiative to accelerate the continuous optimization of the credit availability and continued to increase financial support for key areas and weak links such as manufacturing, inclusive small and micro businesses, rural revitalization, and green finance. Data show that at the end of June, Jiangsu's manufacturing loan balance was RMB 2.51 trillion, a year-on-year increase of 21.9%, maintaining double-digit growth for 21 consecutive months, and achieving the highest growth rate since 2013; Jiangsu's inclusive small and micro loan balance reached RMB 2.39 trillion, a year-on-year increase of 29.5%; Jiangsu's agriculture-related loan balance grew by 15.7% year-on-year, an increase of 3.2 percentage points from the end of last year; and Jiangsu's green credit balance rose by 49.9% year-on-year, an increase of 9.9 percentage points from the end of 2021.

In addition, Jiangsu's deposits have grown rapidly. By the end of June, Jiangsu's balance of deposits in domestic and foreign currencies hit RMB 21.67 trillion, a year-on-year increase of 10.4%. The increase of all deposits was 240 billion yuan,larger than that of the same period last year and a record high.

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