Agricultural Bank of China ups support for strategic emerging industries

BEIJING - The Agricultural Bank of China, one of the country's largest commercial lenders, has strengthened its financial support for emerging industries of strategic importance amid efforts to ramp up the country's real economy.

By the end of June, its outstanding loans to emerging sectors exceeded 1.1 trillion yuan ($163.12 billion), up nearly 30 percent from the beginning of the year, according to the bank.

It has increased financial support for key sectors such as new generation information technology, new materials, new energy, equipment manufacturing, and medical devices and medicine.

It has effectively shored up credit support and medium and long-term lending for key enterprises and projects since the beginning of the year.

By the end of June, the bank's lending to the new generation information technology sector had increased over 90 billion yuan from the beginning of 2022, with growth surging more than 50 percent, the bank said.