The Huizhou Branch of the People's Bank of China reported October data showing continued financial support for major strategies, key sectors, and vulnerable areas. Medium- and long-term manufacturing loans grew rapidly, while financing costs for the real economy decreased.
Two workers operate in the workshop of a factory in Huizhou.
By the end of October, the balance of total deposits in local and foreign currencies in Huizhou reached 990.67 billion yuan, a decrease of 0.8% year-on-year. Meanwhile, the balance of total loans in local and foreign currencies stood at 1,132.37 billion yuan, an increase of 4.1% year-on-year.
During this period, credit increasingly flowed to Huizhou's key areas, including infrastructure, technological innovation, and technology enterprises. Medium- and long-term manufacturing loans rose 12% year-on-year, with advanced and high-tech manufacturing up 11% and 11.3%, respectively. Loans for scientific research and technical services surged 18.8% year-on-year.
Inclusive finance in Huizhou also improved in quality and coverage, supporting vulnerable sectors. By October, loans to agriculture and inclusive micro and small enterprises rose 8.7% year-on-year, while loans to private enterprises grew 5.5%. Strengthened credit support helped push interest rates on new loans down by 80 basis points from last year, keeping real-economy financing costs at historic lows.
Reporter | Liu Guangmingbao
Photo | Liang Weichun
Editor | Liu Lingzhi, James Campion, Shen He
