Photo taken on Nov. 28, 2020 shows a Pakistani exhibition area of the 17th China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, south China's Guangxi Zhuang Autonomous Region. (Xinhua/Lu Boan)
BEIJING, March 5 (Xinhua) -- Newly-added social financing in South China's Guangxi Zhuang Autonomous Region hit a record high in 2020, reported Guangxi Daily on Thursday.
According to the data from local finance regulator, the autonomous region's newly-added social financing, a measurement of funds the real economy receives from the financial system, stood at 708.94 billion yuan (about 109.53 billion U.S. dollars) last year, an increase of 160.59 billion yuan compared with a year earlier.
During the same time, the added value of the financial sector in Guangxi climbed up by 6.8 percent year on year, 3.1 percentage points and 2.6 percentage points higher than the region's GDP growth and the growth rate of the added value of the tertiary industry, respectively.
As of the end of last year, assets of Guangxi's banking sector came in at over 4.67 trillion yuan, up 12.2 percent year on year, while the region's insurers raked in 73.43 billion yuan of premium income, up 10.5 percent on a yearly basis.
Enterprises in the region received direct financing of 198.1 billion yuan in 2020, almost 1.5 times that of the previous year.
As a major channel connecting China and Association of Southeast Asian Nations (ASEAN), Guangxi has continued to push forwards financial opening-up.
China's currency renminbi remained the most widely-used currency in terms of cross-border settlements between the region and ASEAN countries, as cross-border renminbi settlements were valued at 68.1 billion yuan between the region and ASEAN countries, accounting for 60 percent of all transactions between them.
To facilitate cooperation between China and ASEAN countries, the region has carried out 131 key reforms and launched many pilot programs, such as cross-border block-chain service platform.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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