The headquarters of the People's Bank of China (Photo: Xinhua)

Assets held by China's 59 listed banks have surpassed 265 trillion yuan ($36.24 trillion), which offered solid support to the country's real economy, China Media Group (CMG) reported on Tuesday citing data from the China Banking Association (CBA).

CBA's 2023 Chinese listed bank analysis report showed that China currently has six state-owned banks, 10 joint-stock banks, 30 urban commercial banks and 13 rural commercial banks.

In 2022, the balance of business loans held by 58 listed banks that have disclosed annual report surpassed 84 trillion yuan, according to their annual financial reports, up 12.5 percent year-on-year. Business loans issued by listed banks accounted for nearly 60 percent of overall loan volume, CMG reported.

Xing Wei, an official from the CBA stated that China's listed banks have implemented counter-cyclical loan allocation, increasing support in multiple key areas and weak sections that link to national economic growth, including manufacturing, science and innovation, agriculture, small- and micro-sized enterprises and green development.

As of the end of 2022, the loan balance of 58 listed banks covering China's manufacturing sector reached 14.59 trillion yuan, accelerating the upgrade and transformation of the sector, according to the CMG report. Multiple banks vowed to further increase their support to real economy and civil consumption sectors.

The People's Bank of China, the central bank, on October 13 revealed that Chinese banks had issued 2.31 trillion yuan of new loans in September, up sharply from 1.36 trillion in August.

The current policy stimulus is showing increasingly effective results, with robust and stable financial support, Zou Lan, director-general of the Monetary Policy Department of China's central bank said, noting that recent figures look "promising."

Overall supply and demand are trending toward a better balance, Zou said, emphasizing that there is ample room and reserves for monetary policy to address unexpected changes.

Global Times