BEIJING, April 29 (Xinhua) – The banking industry in Shanghai has issued loans of 88.89 billion yuan in the first quarter of this year to shore up the virus-hit economy, according to the Shanghai Office of the China Banking and Insurance Regulatory Commission (CBIRC), reported the Xinhua-run Xinhua Finance Tuesday.
During the same period, local banks in Shanghai lent renewal loans of 150.46 billion yuan to enterprises and individuals, and exempted 35.17 million yuan of principal and interests for enterprises severely affected by the epidemic.
The balance of loans for information transmission, software and information technology services in Shanghai stood at 108.07 billion yuan by the end of the first quarter, with a year on year increase of 10.56 percent, while the loan balance of small and micro enterprises in Shanghai amounted to 1.31 trillion yuan in the period.
Shanghai's banking sector ran smoothly with total asset balance hiking 10.94 percent year on year to 17.24 trillion yuan by the end of the first quarter.
Shanghai has also stepped up promoting international financial business with a total of 229 institutions of foreign banks operating here, posting 1.46 trillion yuan of total asset balance by the end of March this year.
The insurance industry in Shanghai also maintained stable performance by posting 949.39 billion yuan of total asset, up 7.5 percent over the beginning of the year.
By the end of March, the insurers in Shanghai paid a total of 59.72 million yuan of compensation to 726 local enterprises affected by the epidemic, while insurance compensation valuing 14.14 million yuan paid to 88 COVID-19 patients.
Meanwhile, foreign insurance premium income reached 11.13 billion yuan, accounting for five percent of Shanghai's entire insurance market. (Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)
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