The latest official data points to growth in financial inclusion loans to small businesses in China outpacing lending to other sectors of the economy.
As of the end of September the financial inclusion micro and small-enterprise loan balance stood at 18.5 trillion yuan, for a year-on-year (YoY) rise of 25.2%.
The manufacturing sector loan balance was 22.2 trillion yuan, for a YoY rise of 12.6%, most of which were medium and long-term loans. The hi-tech manufacturing loan balance was 3.7 trillion yuan, for a YoY rise of 13.8%.
As of the end of September the total domestic assets of the Chinese banking sector were 332.3 trillion yuan, for a YoY rise of 8.2%. YoY growth in all loans was 11.5%.
Bankings sector domestic liabilities were 303.9 trillion yuan, for a YoY rise of 8%. YoY growth in all deposits was 7.5%.
Enterprise financing costs have seen slight declines, with the average enterprise loan interest rate for the period from January to August falling 0.13 percentage points compared to the same period last year to 4.63%.
The weighted average interest rate for new financial inclusion micro and small-enterprise loans made in August was 4.96%, for a decline of 0.12 percentage points compared to the start of the year.
