At the end of the first quarter, the growth rate of Guangdong’s manufacturing loans reached 25.4%, a record high. The picture shows the production line of GAC Aian Smart Ecological Factory.Photo by Nanfang Daily reporter Zhang Ziwang
■Commentary on the series of “Guangdong Economic Development”
From the president to the first-line account manager, financial institutions are “fully on fire” and increasing credit extension; from the field to the manufacturing factory, the “granularity” of financial services is becoming clearer; from the central government to the local government, intensive financial support for the real economy is introduced Nurturing tens of millions of market entities… Striving for stable economic growth and opening up a new game, the financial industry will fully exert its strength and advance its strength.
This week, data released by Guangdong’s financial authorities “exceeded expectations.” In the first quarter, the scale of social financing increased by about 1.6 trillion yuan, completing 40% of the annual plan; the growth rate of investment in the manufacturing industry, the construction of a strong technological innovation province, the revitalization of counties, and the ecological construction of Green Beauty Guangdong all exceeded 20%.
Finance is the blood of modern economy. Only when the blood is connected can the development be healthy and powerful. In the first quarter, Guangdong’s main financial indicators rebounded steadily, and the structure of credit investment became more precise, “strengthening the bones” for high-quality development.
Look at the trend through the flow ▶▷
Financial momentum is surging and economic recovery signals are positive
In the past two days, national financial institutions have gathered in Guangdong—on April 26, 20 national financial institutions signed comprehensive strategic cooperation agreements with the Guangdong Provincial Government; the next day, the Guangzhou Municipal Government signed strategic cooperation agreements with 29 financial institutions.
The soldiers and horses did not move, but the food and grass went first. The presence of national financial institutions is a response to Guangdong’s high-quality development, and it also shows their confidence in Guangdong’s development.
From the perspective of the first quarter, various financial institutions have fully exerted their efforts to release the power of “loans” for economic development-data shows that in the first quarter, Guangdong’s domestic and foreign currency loans increased by 1.3 trillion yuan, an increase of 340.5 billion yuan year-on-year RMB, and the loan increment hit a new high.
Credit extensions have been pushed forward to inject vitality into economic development and further promote the continuous overall improvement of economic operation.
Finance is a leading indicator of the economy. Financial institutions continue to provide Guangdong with increased volume and high-quality financial services, reflecting the current recovery momentum of the real economy. Through the flow of financial funds, what trends can be captured in Guangdong’s all-out economic efforts?
——The “good” factors keep accumulating. In the first quarter, major indicators such as deposits and loans, insurance premium income, and securities transaction volume rebounded month by month, achieving a “good start”.
Finance and real economy co-exist and co-prosper. The rising financial data every month proves that Guangdong’s economy is becoming increasingly active.
——The pace of “warming” has accelerated significantly. In the first quarter, Guangdong achieved an increase of about 1.6 trillion yuan in social financing, an increase of about 200 billion yuan over the same period last year. This data not only accounts for 1/9 of the country, but also has completed 40% of the annual plan. This is a positive signal of both booming credit supply and demand and accelerated economic recovery.
Of particular concern are medium and long-term loans. In the first quarter, this credit index, which reflects investment willingness and confidence in expanding production, grew rapidly. According to data from the Guangdong Banking and Insurance Regulatory Bureau, medium and long-term loans accounted for nearly two-thirds of the total new loans.
“This shows that the expectations of market players are gradually improving, confidence is gradually recovering, and credit demand is gradually picking up.” Wang Yirong, director of the Survey and Statistics Department of the Guangzhou Branch of the People’s Bank of China, said that the household sector is accelerating recovery in cluster consumption such as catering and travel, and the real estate market is marginal. Driven by the recovery, the downturn since the new crown epidemic was reversed.
——The power of “Jin” is fully concentrated. Guangdong has become a hot spot for insurance capital investment. In the past three years, the average annual growth rate of “insurance capital entering Guangdong” has exceeded 20%. As of the end of March, the balance of insurance funds invested in Guangdong was 2.33 trillion yuan, and the investment scale ranks among the top in the country.
In Guangdong, insurance funds take advantage of long-term funds to actively invest in important infrastructure construction such as energy, water conservancy, subways, ports, and expressways, and support key projects such as “three old” renovations, new commercial areas, and health care and pensions, and support key projects through equity investment. Enterprise Development.
Finance is a key hub for the allocation of social and economic resources. A series of loans “broke the ice”, opened up blockages one by one, and each company received continuous financial “replenishment”, further promoting the continuous overall improvement of economic operation.
Looking at the future through investment ▶▷
Rapid Growth of Loans in Key Areas and Weak Links
The “good start” of financial data reflects not only quantitative growth, but also qualitative optimization.
From the perspective of investment direction, “the key areas and weak links of Guangdong’s high-quality development have received precise and strong support.” Wang Yirong said.
As of the end of the first quarter, Guangdong’s investment in manufacturing, self-reliance and self-improvement in science and technology, “millions of projects”, and Green Beauty Guangdong’s ecological construction have all increased by more than 20%.
Since the beginning of this year, Guangdong has sounded the horn of “manufacturing industry”. Fully supporting the high-quality development of the manufacturing industry has become the top priority of some financial institutions’ credit extension, and manufacturing loans have maintained a high growth trend.
This is intuitively reflected in the data: at the end of the first quarter, the growth rate of manufacturing loans in Guangdong reached a record high of 25.4%; the growth rate of manufacturing loans of financial institutions such as the Export-Import Bank, Industrial and Commercial Bank of China, and China Merchants Bank even exceeded 50%.
If we observe the growth rate of medium and long-term loans in the manufacturing industry, we can better understand that finance is optimistic about Guangdong’s manufacturing industry in the long run.
At the end of the first quarter, the balance of medium and long-term loans for Guangdong’s manufacturing industry increased by 39.1% year-on-year; the balance of medium- and long-term loans for advanced manufacturing industries increased by 41.3% year-on-year, and the balance of medium- and long-term loans for high-tech manufacturing industries increased by 40% year-on-year.
It is foreseeable that the smooth flow of medium and long-term funds will create a more stable financial environment for the transformation and upgrading of the manufacturing industry, technological breakthroughs, and a stable and strong chain. surging momentum.
In addition to the manufacturing industry, in other aspects of Guangdong’s high-quality development, we have also seen rapid growth in financial data.
At the end of the first quarter, the growth rate of loans to Guangdong science and technology small and medium-sized enterprises and high-tech enterprises was 25%; the balance of county area and agriculture-related loans was 2.3 trillion yuan, an increase of 20.8% year-on-year; at the end of the first quarter, green loans maintained a rapid growth of more than 30%…
Today’s credit extension is related to tomorrow’s high-quality development. As a leading indicator of the economy, a series of financial data show that financial institutions are further expanding the supply of high-quality financial resources.
Just this week, 20 large national financial institutions made a commitment to support the construction of a strong manufacturing province, a strong science and technology innovation province, the “Millions of Millions Project” and the green beauty Guangdong ecological construction. 164.7 billion yuan. Under the nourishment of this spring rain, Guangdong’s high-quality development can be expected in the future.
See development through trends▶▷
Finance has more height, strength, breadth and temperature
A series of data outlines the new atmosphere of Guangdong’s financial industry in the first quarter. Through new trends, we have captured new signals of Guangdong’s financial development:
——Financial development has reached a higher level. On February 23, the People’s Bank of China and other central financial departments and Guangdong jointly issued the “30 Financial Measures in Qianhai” and “30 Financial Measures in Hengqin”. A number of national firsts opened a new chapter in Guangdong-Macao and Guangdong-Hong Kong financial cooperation.
From the data, in the first quarter, the province’s cross-border RMB settlement accounted for 51.6%, becoming the largest settlement currency for the first time. This is a strong proof that the policy “gift package” has achieved remarkable results. It is foreseeable that with the implementation of the policy, Guangdong is promoting the construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area into a new stage.
——Financial support is stronger. On February 18, the “2023 Action Plan for Guangdong’s Financial Support for High-quality Economic Development” was released, attracting trillions of yuan in financial flow to areas such as leading the manufacturing industry and strengthening the province through science and technology. On the same day, Guangzhou’s 200 billion yuan fund of funds was announced, and the “big money” attracted half of the investment circle.
Finance is the “engine” that promotes industrial development. A series of “big moves” and “big gestures” in Guangdong not only boosted confidence, but also activated the “accelerator” for a series of major projects to be implemented and key “stuck neck” technological breakthroughs.
– The financial market is more extensive. In the first quarter, the “Financial Multiplication Project in East, West and North of Guangdong” was vigorously promoted, and credit funds in Shanwei, Zhanjiang, Chaozhou and other cities quickly flowed in, and the growth rate exceeded the average level of the province; in terms of direct financing, Heyuan added a new listed company, The total number of listed companies in eastern Guangdong, western Guangdong and northern Guangdong reached 76.
To solve the problem of unbalanced regional development in Guangdong, finance needs to work hard. The financial funds are tilted to the east, west and north of Guangdong, so that the revitalization of counties and the ecological construction of green and beautiful Guangdong have stronger financial guarantees.
——Financial services are warmer. At the end of the first quarter, the balance of inclusive small and micro loans in the Guangdong banking industry was 3.8 trillion yuan, a year-on-year increase of 28.3%; within the jurisdiction of the Guangdong Banking and Insurance Regulatory Bureau, commercial pension annuity insurance premiums increased by 64% year-on-year, and more elderly people can “care for themselves”. “; The level of protection for new citizens has been improved, and more than 2 million employees in new business formats such as online car-hailing and food delivery have access to occupational injury protection.
Finance is an important force to serve the people’s livelihood, and more and more financial services related to inclusiveness and people’s livelihood will emerge, becoming a warm force to protect the people in southern Guangdong.
Nanfang Daily reporter Chen Ying Tang Liuwen Zhang Yan