China’s financial market sees improved capability in serving real economy: central bank

BEIJING, June 23– China’s financial market saw improvements in its capability to serve the real economy over the past decade, according to the central bank. During this period, the financial industry reported steady growth with reasonably ample liquidity, said Chen Yulu, vice governor of the People’s Bank of China, during a briefing on Thursday.

BEIJING, June 23 (Xinhua) — China’s financial market saw improvements in its capability to serve the real economy over the past decade, according to the central bank.

During this period, the financial industry reported steady growth with reasonably ample liquidity, said Chen Yulu, vice governor of the People’s Bank of China, during a briefing on Thursday.

As of the end of 2021, the M2, a broad measure of money supply that covers cash in circulation and all deposits, came in at 238.29 trillion yuan (about 35.5 trillion U.S. dollars), while the annual growth rate from 2012 to 2021 reached 10.8 percent.

During the same period, the average annual growth rate for outstanding yuan loans was 13.3 percent.

Amid continued efforts to boost innovation, the balance of medium and long-term loans for the high-tech manufacturing sector has increased by nearly seven times compared with 10 years ago.

China has been enhancing the inclusiveness of the financial market to boost the economy. As of the end of this year’s first quarter, the outstanding inclusive loans topped 20 trillion yuan, supporting over 50 million small and micro firms and individual businesses. Enditem

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