Inner Mongolia Reports Rapid Financial Growth in First Half of 2023
Hohhot, July 28 – The Information Office of the Inner Mongolia Autonomous Region Government held a press conference on July 26 to provide an update on the financial operation of Inner Mongolia in the first half of 2023 and the financial support for the economic and social development of the Autonomous Region. According to Fan Yongsheng, member of the party committee and vice president of the Hohhot Central Sub-branch of the People’s Bank of China, the financial operations in the region are generally stable, with major indicators showing rapid growth.
One of the key highlights mentioned was the significant increase in the scale of social financing in the region. In the first half of 2023, the increase amounted to 265.51 billion yuan, a year-on-year growth of 108.07 billion yuan. Additionally, the RMB loan balance of financial institutions in the region reached 2,908.45 billion yuan at the end of June, indicating a 10.4% increase year-on-year and a growth rate of 3.3 percentage points higher than the previous year. The balance of RMB deposits in financial institutions also increased by 15.3%, reaching 3,518.15 billion yuan.
Furthermore, the credit extension structure has been optimized to further support key areas and weak links in the autonomous region. This includes providing more credit support for key projects, such as electricity, heating gas and water production, as well as manufacturing. Loans for manufacturing reached 287.66 billion yuan, a year-on-year increase of 2.66 billion yuan. The region also increased medium- and long-term supporting financing support for infrastructure construction projects, with an increase of 43.29 billion yuan.
The press conference also emphasized the importance of supporting agriculture, small and micro enterprises, inclusive industries, and private enterprises. The region’s loans for these sectors increased significantly in the first half of the year, with loan balances for agriculture, small and micro enterprises, and inclusive industries reaching 1,072.85 billion yuan, 618.21 billion yuan, and 263.99 billion yuan, respectively.
To support the development of new trade formats, the Inner Mongolia Branch of the Foreign Exchange Administration focused on transaction characteristics like small, massive, and electronic. The aim was to build an efficient, safe, and low-cost cross-border settlement environment. For market procurement trade enterprises, operational procedures for online fund settlement were improved to enhance efficiency and reduce capital costs.
In addition, the region actively promoted the development of new offshore international trade norms, especially in the frontier mutual market trade zone. The Inner Mongolia Branch of the Foreign Exchange Administration facilitated on-site processing of imported goods and cleared the cross-border settlement channel for border residents’ mutual trade.
Looking ahead, the Hohhot Central Sub-branch of the People’s Bank of China expressed its commitment to implementing the important speeches and instructions given by General Secretary Xi Jinping during his inspection of Inner Mongolia. They will adhere to the spirit of the 20th National Congress of the Party, implement prudent monetary policies, and increase financial service support to create a suitable monetary and financial environment for the autonomous region to achieve its development goals.
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