China is ramping up its commitment to high-quality economic growth by pledging a staggering 1.3 trillion yuan ($180 billion) in yuan-denominated loans for 2023. 📈💹
Li Yunze, head of the National Financial Regulatory Administration (NFRA), emphasized the crucial role of financial services in driving growth during a press conference following the annual national legislative session. 🏛️
The significant increase in loans highlights China's focus on key sectors such as high-tech and green initiatives, both of which saw loan growth exceeding 20%. This surge not only bolsters innovation but also supports sustainable development goals. 🌱🔬
Additionally, China continues to lower financing costs, with loan interest rates reaching historic lows. Last year’s reduction in first-home mortgage rates is projected to save homebuyers around 170 billion yuan annually, making homeownership more accessible. 🏠💸
To further support high-quality economic development, the NFRA is targeting innovation, consumption, and small businesses. Efforts include:
Unwavering support for scientific and technological advancements.
Exploring financial asset investment companies to expand equity investment pilots.
Stimulating effective demand through initiatives like reduced down payments for car loans and optimized pricing for new energy auto insurance.
Launching special initiatives on inclusive finance to increase the availability of small and micro loans.
Li also reassured the public that financial risks remain under control, emphasizing that China has ample resources to address any potential issues. With these measures, China is set to sustain its momentum towards a robust and sustainable economic future. 🚀✨
