China sees growing new yuan loans for real economy

BEIJING - China saw growing financing support for the real economy, with yuan loans to the field rising at a faster pace in the first seven months of this year.

Outstanding loans supporting real economic activities increased 10.8 trillion yuan ($1.5 trillion) in the period, up around 780 billion yuan from the increase during the same period of 2018, according to the China Banking and Insurance Regulatory Commission.

Infrastructure, one of the focuses of financing support, saw outstanding loans rise 1.7 trillion yuan. High-tech sector, manufacturing upgrades and social services were also major financing targets.

Inclusive loans to small and micro firms rose 26.5 percent in the period, while their overall financing costs dropped by more than one percentage point.

China has been stepping up efforts to improve financing efficiency for the real economy, with targeted measures to expand financing channels and reduce financing costs for small and micro firms.