BEIJING, May 7 (Xinhua) -- Since 2010, scale of the cross-border lending by China's banking industry has increased by 500 percent. It has reached 630 billion U.S. dollars by 2017, according to a report recently released by the Institute of International Finance quoted by Beijing Business Toady.
During the period, scale of the cross-border lending by the U.S. peers grew 13 percent, Japan 35 percent, and Europe 5 percent. At this point, in the cross-border lending, China's banking industry has reached the eighth largest scale in the world, said the report.
For this strong growth, Zhao Qing, a senior researcher at the Suning Institute of Finance, said that reasons behind the growth included the following aspects. First of all, domestic enterprises' “going global” activities including overseas mergers and acquisitions or business development, led to the rising scale of financing. Second, thanks to the Belt and Road construction, the scale of China’s investment in countries along the Belt and Road routes also increased.
He expected the scale of overseas lending to continuously grow rapidly in the future due to the policy support and closer cooperation under the Belt and Road Initiative. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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