Six major Chinese banks issued 9.53 tln in yuan loans in first nine months of 2022 to bolster real economy

Some 9.53 trillion yuan ($1.32 trillion) in new loans have been issued by six major Chinese banks in the first three quarters of 2022, while the nation’s top five state-owned commercial banks have stepped up investment and financing efforts to bolster the development of real economy.

The top five banks, Industrial and Commercial Bank of China (ICBC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BOCOM), and Agricultural Bank of China (ABC), all issued statements on Sunday, vowing to further support and stabilize the development of real economy with strengthened financial investment.

Per the statements, compared with 2021, the newly issued yuan loans approved by ICBC, BOC, CCB, BOCOM and ABC from January to September reached 2.2 trillion yuan, 1.69 trillion yuan, 2.1 trillion yuan, 644 billion yuan, and 2.2 trillion yuan respectively.

The statements meanwhile noted that the five banks have been implementing measures in a bid to boost the real economy and stabilize economic development.

For instance, ICBC issued more than 5 trillion yuan of new investment for the real economy in the first three quarters. ABC has strengthened financial support for key sectors such as manufacturing and infrastructure construction. BOC has implemented 42 supportive measures covering eight strategic areas, while CCB and BOCOM have also been taking targeted action.

The Postal Savings Bank of China also issued a statement on Sunday, revealing that loans in the first three quarters issued by the bank have reached more than 7 trillion yuan, an increase of nearly 700 billion yuan from the end of 2021.

Source: Global Times

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