On the morning of April 27, the Urumqi Central Sub-branch of the People’s Bank of China held a press conference on Xinjiang’s financial operations in the first quarter of 2023 to report on the financial operations in Xinjiang in the first quarter.
It is understood that since 2023, the Urumqi Central Sub-branch of the People’s Bank of China has closely focused on Xinjiang’s development strategy, guiding financial institutions in Xinjiang to “maintain the total amount and optimize the structure”, and continuously increase credit support for key areas and weak links. The financial operation in the first quarter was generally stable, which strongly supported the accelerated recovery and development of Xinjiang’s economy.
The reporter learned that in the first quarter of 2023, Xinjiang’s financial operation in terms of the total amount, first, the scale of social financing has grown steadily. At the end of March, the stock of social financing in Xinjiang was 4.44 trillion yuan, an increase of 10.0% year-on-year; in the first quarter, it increased by 152.97 billion yuan, an increase of 16.13 billion yuan year-on-year.
Second, various loans continued to increase. At the end of March, the balance of local and foreign currency loans in Xinjiang was 2.89 trillion yuan, an increase of 9.1% year-on-year; in the first quarter, the increase was 107.52 billion yuan, an increase of 4.08 billion yuan year-on-year.
Third, various deposits grew rapidly. At the end of March, the balance of various deposits in local and foreign currencies in Xinjiang was 3.21 trillion yuan, a year-on-year increase of 15.5%, an increase of 6.5 percentage points over the same period last year; an increase of 125.49 billion yuan in the first quarter, an increase of 11.35 billion yuan year-on-year.
From a structural point of view, financial support for infrastructure construction has continued to increase this year. At the end of March, Xinjiang’s infrastructure construction loan balance was 740.50 billion yuan, an increase of 13.8% year-on-year, 4.7 percentage points higher than the average growth rate of loans in Xinjiang; an increase of 31.42 billion yuan in the first quarter, an increase of 4.03 billion yuan year-on-year. Among them, the loan balance of the water conservancy, environment and public facilities management industry was 121.16 billion yuan, a year-on-year increase of 27.7%, 18.6 percentage points higher than the average growth rate of loans in Xinjiang.
Manufacturing loans maintained rapid growth. At the end of March, the loan balance of Xinjiang’s manufacturing industry was 279.27 billion yuan, a year-on-year increase of 14%, 4.9 percentage points higher than the average growth rate of loans in Xinjiang; the increase in the first quarter was 20.63 billion yuan, an increase of 3.53 billion yuan year-on-year.
Agriculture-related loans increased significantly year-on-year. At the end of March, the balance of agriculture-related loans in Xinjiang was 1.24 trillion yuan, an increase of 15.0% year-on-year, 5.9 percentage points higher than the average growth rate of loans in Xinjiang; the increase in the first quarter was 65.88 billion yuan, an increase of 12.09 billion yuan year-on-year.
Financial support for the development of inclusive small and micro enterprises has achieved remarkable results. At the end of March, the balance of inclusive small and micro loans in Xinjiang was 183.31 billion yuan, an increase of 21.6% year-on-year, 12.5 percentage points higher than the average growth rate of loans in Xinjiang; the increase in the first quarter was 20.74 billion yuan, an increase of 7.62 billion yuan year-on-year.
Loans to the four prefectures in southern Xinjiang grew steadily. At the end of March, the loan balance of the four prefectures in southern Xinjiang was 383.32 billion yuan, a growth rate of 13%, 3.9 percentage points higher than the average growth rate of loans in Xinjiang; the increase in the first quarter was 13.11 billion yuan, an increase of 3.55 billion yuan year-on-year.
Wen Bo, deputy director of the Money and Credit Management Division of the Urumqi Central Sub-branch of the People’s Bank of China, introduced that since this year, the Urumqi Central Sub-branch of the People’s Bank of China has continued to increase financial support for the real economy. The interest rate of corporate loans has further dropped from the previous low level, and the quality and efficiency of financial support for the economic development of the autonomous region have been significantly improved. From the perspective of investment direction, more credit resources are invested in key areas and weak links of economic development such as infrastructure construction, manufacturing, private small and micro businesses, and rural revitalization, providing solid and strong financial support for accelerated development or rapid recovery in these areas.
In the next stage, the Urumqi Central Sub-branch of the People’s Bank of China will conscientiously implement a prudent monetary policy, make full use of various monetary policy tools, guide financial institutions to actively meet the internal needs of high-quality economic development, continue to optimize the credit structure, and continue to accurately and powerfully strengthen support for the general public. Financial services for key areas and weak links such as benefiting small and micro enterprises, rural revitalization, technological innovation, and green development.
(Mao Weihua | Munila Kajal, reporter from China Daily Xinjiang Reporter Station)
[Responsible editor: Cai Donghai]