The year-end balance of inclusive loans to SMEs reached RMB 23.8 trillion, up 23.8% year-on-year, with more businesses covered and lower financing costs. Optimization of the banking loan structure continued. At the end of 2022, China’s banking sector recorded total assets in Renminbi and foreign currency of nearly RMB 380 trillion, with year-over-year growth back up to 10%, surpassing the pre-COVID assets growth in 20. Banking institutions continue ramping up their credit support for the real economy and playing the unique role of the financial sector as the “growth accelerator” to the economy. We have seen a strong and steady recovery upon the shift in COVID-19 policies announced at the 20th National Congress of the Communist Party of China (NCCPC) at the end of 2022.įurthermore, China’s banking sector’s overall performance is highly admirable in the midst of the highly challenging macroeconomic landscape. Despite of the unexpectedly overwhelming disruptions, China's economy remains highly resilient. Economic recovery in China has been severely hindered by the COVID-19 resurgences, with a record low GDP growth of 3%, as well as the debt risk exposure in the real estate sector and the growing risks from local governments’ financing vehicles (LGFV). Globally, we have seen intensified geopolitical tensions, exacerbated energy and food crises, a rate hike cycle to combat intense inflationary pressure in the US and European economies, and the global capital markets remained volatile alongside with the slowed-down economic growth momentum worldwide. The Chinese banking sector has faced highly complex and uncertain domestic and international landscape. 2022 has been an unusual year marked by a series of events that profoundly impacted the course of history.
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