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Financial Water: Nourishing the Real Economy in Pinghu with Record-breaking Loans

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Financial Water: Nourishing the Real Economy in Pinghu with Record-breaking Loans

Financial water nourishes the development of the real economy

September 26, 2023

In a significant milestone for Pinghu, the city’s total loans have exceeded 200 billion yuan for the first time. According to recent data, the total loans in Pinghu reached 201.7 billion yuan, with 4.675 billion yuan in new loans added in August alone. This growth rate ranked first among the five counties in Jiaxing, showcasing the city’s strong financial performance.

These impressive numbers highlight the effectiveness of Pinghu’s financial sector in supporting the development of the real economy. The real economy is the foundation and lifeblood of urban development, and the Pinghu Branch of the People’s Bank of China has played a leading role in ensuring financial services for high-quality economic and social development.

Under the leadership of Lu Qiang, president of the Pinghu Branch, the People’s Bank of China has actively implemented policies to support the real economy. This has included countercyclical adjustments, interest rate cuts, and profit concessions. In addition, major financial institutions in Pinghu have expanded support for small and micro businesses, providing credit extension and deferred principal repayments to alleviate the loan repayment pressure faced by enterprises in difficulty.

As a result of these efforts, Pinghu’s credit loan balance has increased by 47.52% year-on-year, indicating accelerated credit easing. The credit structure has also undergone positive changes, with a shift towards key areas such as manufacturing, inclusive small and micro businesses, technological innovation, and agriculture. The loan growth rate in these areas has surpassed the average loan growth rate, demonstrating an improved credit structure.

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To further support small and micro enterprises, the Pinghu Branch has launched the “Expanding First-time Loan Customers” campaign. This initiative aims to solve the first loan problem for these enterprises and reduce their financing costs. So far, 1,097 first-time mortgage households have received a total of 2.191 billion yuan in loans.

With increased credit supply, falling policy interest rates, and continued support for small and micro enterprises, Pinghu’s macro economy is operating smoothly. The supply of money and credit is sufficient, revealing strong motivation for credit supply. Looking ahead, the Pinghu City Branch of the People’s Bank of China will continue leading the city’s financial system to expand credit and provide the necessary financial power to promote high-quality economic development.

Pinghu’s achievement of surpassing 200 billion yuan in total loans is a testament to the city’s thriving financial sector and its positive impact on the real economy. The continuous support provided by financial institutions is crucial in ensuring the sustained growth and development of Pinghu’s economy.

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