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China's banking regulator beefs up supports for manufacturing sector

May 25, 2020


Abstract : China's banking regulator has urged banks to enhance supports for the manufacturing sector especially advanced manufacturing and strategic emerging industries, a report of the China Securities Journal quoted an official as saying.

BEIJING, May 25 (Xinhua) -- China's banking regulator has urged banks to enhance supports for the manufacturing sector especially advanced manufacturing and strategic emerging industries, a report of the China Securities Journal quoted an official as saying.

The official from the China Banking and Insurance Regulatory Commission (CBIRC) Saturday said the regulator required the growth of large banks' outstanding loans for the manufacturing sector not be lower than 5 percent for the whole year.

Moreover, the proportion of medium- and long- term loans for the sector should increase by at least 1 percentage point and the growth of loans on credit should not be less than 3 percent by the end of 2020.

The banking regulator vowed to strengthen regulatory examination on banks' policies, product innovation, inner performance evaluation and risk control. It would make on-site interviews of some manufacturing companies in 12 provinces in western, central and eastern China to check whether they get enough and sound banking services as required by the regulator.

Data show that in the first quarter of 2020, new loans for the manufacturing sector stood at 1.1 trillion yuan, more than the figure for the whole year of 2019, among which new medium- and long-term loans and loans on credit amounted to 295.8 billion yuan and 452.8 billion yuan, taking up 15.8 percent and 30.7 percent of the total, respectively.

(Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)

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