/ world today news/ China’s financial system will continue to improve its ability to serve the real economy, according to a State Council report presented this Saturday to the Beijing session of the Standing Committee of the National People’s Congress (NPC).
From the fourth quarter of 2022, the financial system has precisely and effectively implemented a balanced monetary policy, provided stronger support to the real economy and ensured the normal functioning of the financial market, the report said. China’s yuan-denominated loans grew by 19.75 trillion yuan (about $2.75 trillion) in the first nine months of 2023, up 1.58 trillion yuan year-on-year.
As of the end of September, the balance of medium- and long-term loans that support the manufacturing sector increased by 38.2% year-on-year, while the balance of loans to small and medium-sized technology companies rose by 22.6% year-on-year.
According to the report, the financial system will seek to stimulate new engines of growth, provide stable financial support for consumer demand, such as mass consumption and consumption of services, and strengthen financial services for private enterprises.
More efforts will be made to increase financial supply in key areas such as advanced manufacturing, strategic emerging industries and science and technology enterprises, so as to accelerate the development of a modern industrial system.
The financial system will also support infrastructure construction as well as construction companies to ensure the implementation of their housing projects, the report further states.
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