Home » Guangdong’s Banking Industry Shines in Third Quarter Report, Manufacturing Loan Balance Reaches 2.61 Trillion Yuan

Guangdong’s Banking Industry Shines in Third Quarter Report, Manufacturing Loan Balance Reaches 2.61 Trillion Yuan

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Guangdong’s banking industry recently released its third-quarter report card, showcasing positive growth and achievements. One notable highlight is the manufacturing loan balance, which reached 2.61 trillion yuan, reflecting a significant increase of 20.81% compared to the previous year.

The total assets of the banking industry in Guangdong, excluding Shenzhen, reached 24.99 trillion yuan, marking a year-on-year increase of 10.83%. The balance of various loans also increased by 11.32% to 17.33 trillion yuan, with new loans amounting to 1.51 trillion yuan. Additionally, the balance of various deposits surged by 11.70% to reach 20.40 trillion yuan. Impressively, the non-performing loan ratio remained low at 1.23%.

The report also highlighted the significant impact of reducing existing mortgage interest rates in Guangdong. By implementing this policy, homebuyers are estimated to save around 18 billion yuan in interest expenses annually. Banks under the Guangdong Supervision Bureau of the State Administration of Financial Supervision have already completed interest rate reductions on nearly 2.5 trillion yuan of existing loans, resulting in an average interest rate reduction of about 75 basis points.

Furthermore, the strong growth in manufacturing loans reflects Guangdong’s transition from a large manufacturing province to a strong manufacturing province. Manufacturing loan balances increased by 20.81% to 2.61 trillion yuan, surpassing the growth rate of various loans by 9.49 percentage points. In Dongguan, a major manufacturing city, the balance of manufacturing loans reached 462.246 billion yuan, with medium and long-term loans increasing by 24.22% year-on-year.

The banking industry in Guangdong also played a vital role in supporting key areas such as technology companies and foreign trade. Loans to high-tech industries, intellectual property-intensive industries, and core digital economy industries grew by 23.08%, 21.57%, and 24.91% respectively. Additionally, banking institutions provided over 900 billion yuan in credit to support production and economic trade transactions along the Belt and Road Initiative, covering 29 countries and regions.

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Moreover, the real estate market maintained positive year-on-year growth, with the balance of real estate loans exceeding 5.3 trillion yuan and personal housing mortgage loans surpassing 4.1 trillion yuan. Guangdong’s banking institutions also contributed to the development of rural areas, with agricultural-related loan balances reaching 2.33 trillion yuan and the balance of inclusive agricultural-related loans growing by 30.62% year-on-year to 457.124 billion yuan.

The construction of modern marine ranches was also supported by the banking industry, with the balance of fishery industry loans exceeding 27.7 billion yuan. Zhanjiang, the city with the longest coastline in Guangdong, established marine-specific branches to cater to the needs of marine ranches and their industry chains.

Overall, the third-quarter report card of Guangdong’s banking industry highlights robust growth, particularly in manufacturing loans, real estate loans, and support for key sectors. The industry’s efforts in reducing mortgage rates and providing credit for the development of various sectors further reinforce Guangdong’s position as a key economic powerhouse in China.

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