East China’s Jiangsu province topped the nation in credit investment in the first three quarters, providing strong financial support for promoting high-quality economic development in the province, according to figures released by the Jiangsu Branch of the People's Bank of China.
Statistics show that in the first three quarters, Jiangsu recorded an increase of 3.31 trillion yuan in financing scale, an increase of 338.6 billion yuan from the same period last year.
Jiangsu recorded a record high in new loans. In the first three quarters, the province recorded an increase of RMB 2.60 trillion and foreign currency loans, ranking first in the country, with a year-on-year increase of RMB 334.4 billion, accounting for 78.3% of the increase in financing scale during the same period.
The growth is indicative of the fact that since the beginning of this year, a series of financial support policies introduced by Jiangsu have begun to come into effect with accelerated market confidence and gradually rebounding effective financing demand.
The financial sector continued to increase its support for key areas and weak links of the real economy, as is evidenced by the rapid growth in the loans granted to the manufacturing sector. Targeting the actual needs of current intelligent transformation and digital transformation, relevant departments have introduced 18 policy measures to support the manufacturing industry in finance and guide financial institutions to develop low threshold, low-cost, and efficient special credit products so as to further increase the proportion of direct financing for manufacturing enterprises, and reducing their financing costs.
At the end of September, Jiangsu recorded a year-on-year increase of 17.9% in the balance of loans granted to the manufacturing industry, maintaining double-digit growth for 36 consecutive months.
In order to increase financial support for technological innovation, Jiangsu has established a project list for the "Directory of Science and Technology Based Small and Medium Enterprises", and also provides rich credit products such as "Science and Technology Innovation Loans" and "Jiangsu Innovation Financing Loans".
At the end of September, Jiangsu recorded a year-on-year increase of 24.1% in the balance of loans for technology-based small and medium-sized enterprises, which was 9.4 percentage points higher than the growth rate of various loans during the same period.
