In 2024, the increment in aggregate social financing in Jiangsu reached RMB 2.89 trillion, with an increase of RMB 2.36 trillion in overall loans, ranking first in the country. By the end of last year, the balance of domestic and foreign currency loans at financial institutions in Jiangsu amounted to RMB 26 trillion, a year-on-year growth of 10%, which was 2.8 percentage points higher than the national loan growth rate during the same period.

Over the past year, Jiangsu’s financial sector demonstrated a positive trend characterized by substantial total volume, an optimized structure, and declining interest rates, effectively supporting economic and social development. The province saw a total increase of RMB 2.36 trillion in new loans. The credit allocation structure was further improved, providing targeted support to key sectors and weak links in the real economy. Medium and long-term loans for the manufacturing sector grew rapidly, recording a year-on-year increase of 21.8% in the loan balance by the end of 2024, outpacing the overall loan growth rate by 11.8 percentage points. Meanwhile, credit allocation in infrastructure continued to strengthen, with the loan balance in this sector rising by 12.3% year-on-year by the end of 2024, 2.3 percentage points higher than the overall loan growth rate.

Financial services for technological innovation continued to ramp up. Specifically, the growth rate of loan balances in the scientific research and technology services sector was the highest among all industries, up 41.9% year-on-year, which was 31.9 percentage points higher than that of overall loans during the same period.

Inclusive financing for micro and small enterprises witnessed increased volume and expanded coverage. By the end of 2024, the loan balance for micro and small enterprises with individual credit lines under RMB 10 million grew by 24.4% year-on-year, which was 14.4 percentage points higher than the overall loan growth rate. The number of borrowers in this category also increased rapidly, rising by 17.1% year-on-year.

Credit allocation in green transition and elderly care continued to grow. By the end of 2024, the balance of green loans saw a year-on-year increase of 25.2%, which was 15.2 percentage points higher than the overall loan growth rate. Loans related to the elderly care industry rose by 17% year-on-year, surpassing the overall loan growth rate by seven percentage points.

Digital finance developed at a fast pace. The digital transformation of the financial sector accelerated, providing high-quality services to the digital economy and promoting the integration of digital and real economies. Taking financial support for the development of the digital industry as an example, by the end of 2024, loans to businesses in the information transmission, software, and information technology services industries increased by 24.8% against the previous year, 14.8 percentage points higher than the overall loan growth rate.

The overall financing costs for enterprises continued to decline steadily. In December 2024, the weighted average interest rates for newly-issued enterprise loans and inclusive micro and small enterprise loans across the province were 3.42% and 3.68%, respectively, representing year-on-year decreases of 42.5 basis points (BP) and 49.3 BP, both at historical lows. “Our bank’s fourth-quarter survey of industrial enterprises revealed that the overall financing cost index and the bank loan interest rate level index fell to 40.6% and 38.3%, respectively. Both indices were below the 50% threshold, indicating a ‘declining’ range, and they have consistently remained at relatively low levels,” said Zhu Qing.