China's listed bank assets exceed 265 trillion yuan

By Yan Xingzhou | chinadaily.com.cn | Updated: 2023-10-17 15:55

A cashier at a bank in Taiyuan, Shanxi province counts Renminbi notes. [Photo/China News Service]

Assets of China's 59 listed banks have exceeded 265 trillion yuan ($36.36 trillion), and these banks are the main drive of supporting the entity-economy from banking industry, according to a report from China Banking Association released on Monday.

China's listed banks currently include six large State-owned banks, 10 joint-stock banks, 30 urban commercial banks and 13 rural commercial banks, according to the report.

The loan balance for enterprises surpassed 84 trillion yuan from 58 total banks that disclosed their annual reports in 2022, a 12.5 percent growth year-on-year, with the figure accounts for nearly 60 percent of the total loans.

"Listed banks are actively increasing in credit extension and are devoted to increasing support for key areas and weak links in the national economy," said Xing Wei, vice-president to the China Bank Association. "Credit resources will be offered to key areas such as manufacturing enterprises, scientific and technological innovation enterprises, agriculture-related fields, small and micro enterprises, sustainable development and more."

Fifty-eight listed banks had outstanding loans for manufacturing industry totaling 14.59 trillion yuan by the end of last year, accounting for the loan balance for cooperates has increased year-on-year, which strongly supported the transformation and upgrading of the manufacturing industry, according to the report.

A number of banks said that, in the future, they will continue to increase support for the entity-economy and consumption.

"We will continue to focus on ensuring to deliver comprehensive financial services to those 'small and micro' businesses," said Ji Guangheng, the president of Ping An Bank.

"To troubleshoot the problem that exists within those micro, small and medium-sized enterprises on difficult and expensive financing, we are also going to further enhance the quality and effectiveness of our services in 'small and micro' credit financing," said Jing Feng, the deputy governor of CZBank.