Chongqing- The scale of social financing in Southwest China's Chongqing Municipality increased by 738.6 billion yuan (about USD 113 billion) from January to October, reaching a record high, according to a press conference on December 22.
A press conference on the progress of Chongqing's financial support for stabilizing enterprises and ensuring employment is held on December 22, 2020.
Ma Tianlu, Director of Chongqing Operations Office of the People's Bank of China, briefed media on the progress of Chongqing's financial support for stabilizing enterprises and ensuring employment and mentioned a series of financial support policies to stabilize enterprises and ensure employment has achieved positive results.
Ma Tanlu, Director of Chongqing Operations Office of the People's Bank of China, briefs media on the progress of Chongqing's financial support for stabilizing enterprises and ensuring employment on December 22, 2020.
In particular, the financing situation has shown a good momentum of "increase in total volume, advancement in structure, and reduction in costs."
Chongqing's financing situation has shown a good momentum of "increase in total volume, advancement in structure, and reduction in costs."
Ma introduced that Chongqing’s domestic and foreign currency loan balances reached 4,157.9 billion yuan (636.06 billion U.S Dollars) at the end of November, a year-on-year increase of 12.8%, which was higher than the national average growth rate.
The increase in business loans from the beginning of the year was 2.5 times compared with that of the same period last year, and the increase in medium and long-term loans accounted for over 90%.
In addition, loan coverage also increased significantly. Ma said that the balance of small and microloans in Chongqing at the end of November was 297.6 billion yuan, a year-on-year increase of 29.8%.
The proportion of credit loans and the first loans continued to increase. The proportion of small and microcredit loans increased by 3.6 percentage compared with the previous year's end. 139,000 small and micro market entities received loans for the first time.
Furthermore, Ma added data about the decline in financing costs. Specifically, the weighted average interest rate of corporate loans was 4.59% in November, a year-on-year decrease of 0.69 percentage points, which was a historical low.
Ma declared that the Chongqing Operations Office of the People's Bank of China would further enhance the accuracy and directness of various policies in the next step, and provide a solid support for Chongqing to build a new development pattern, implement new development concepts, and achieve high-quality development.
(Wang Yaomin, as an intern, also contributed to this report.)
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