China’s outstanding loans to private sector rose 11.4% on year by end of June – official data
DATA MACRO
China’s outstanding loans to private sector rose 11.4% on year by end of June – official data
DATA MACRO

China’s outstanding loans to private sector rose 11.4% on year by end of June – official data

 

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Chinese financial institutions’ outstanding loans to private companies stood at 58.2 trillion yuan by the end of June, rising 11.4% from a year earlier, and the number of private companies that had outstanding bank loans was 8,347, rising 11.4% from the same period last year, according to the China Banking and Insurance Regulatory Commission (CBIRC).

In the first half of the year, 53.5% of the new corporate loans were granted to private companies, rising by 0.8 percentage point from the same period last year, and the interest rate on the new loans stood at 4.74%, falling by 0.57 percentage point from a year ago, said the CBIRC.

Banking institutions deferred payment of 3.33 trillion yuan for 1.496 medium-, small- and micro-sized companies, individually-run businesses and truck drivers, showed the data.

The CBIRC pledged to guide banks and insurers to further improve the mechanism to serve private companies, help address their difficulties, promote innovations in financial products and services and improve the quality of financial services to the private sector.