Chinese banks provide more loans to backstop real economy

China's major state-owned banks stepped up lending to support the real economy in the first half of 2022 (H1), with more new loans flowing to infrastructure development, manufacturing, and other key economic drivers.

The latest semi-annual reports of the six largest state-owned commercial banks showed that four of them issued more than 1 trillion yuan (about 144.73 billion U.S. dollars) of new loans in H1.

Sectors including infrastructure development, manufacturing, strategic emerging, inclusive finance, and green finance got the most loans, according to the banks.

Since the beginning of the year, the country has rolled out a slew of measures, including the combination of tax and fee cuts and tax credit refunds. Official data showed that China's value-added tax credit refunds exceeded 2 trillion yuan by July 20, more than three times the total amount recorded last year.

Looking ahead, bank executives said that they would continue strengthening credit allocation to expand investment and promote consumption.

Source from State taxation administration of the P.R.C.

Xiamen company registration, Xiamen company registration agent, Xiamen company setup, Xiamen company registry, Xiamen company registry agent, Xiamen company formation, Xiamen bookkeeping service, Xiamen accounting service, Xiamen tax advisory, Xiamen financial consultant, Xiamen audit, Xiamen CPA, Xiamen CPA firm, Xiamen visa service, Xiamen visa application, Xiamen foreigner's work visa service……Please visit Xiamen R&F Consulting at http://www.lc35.cn