The Shanghai office of the People’s Banks China (PBOC) has called for Chinese financial institutions to step up lending to the real economy.
On 4 August PBOC’s Shanghai office convened its work meeting for the second half of 2022. The meeting called for “guiding financial institutions to increase the provision of loans to the real economy, maintaining stable growth in loans, and driving declines in the real interest rates of loans.”
The PBOC meeting also called for the “operation of an excellent monetary and financial environment,” as well as the “expansion of credit support to key areas including infrastructure, financial inclusion micro-and-small loans; green development, tech innovation and transportation and logistics.”
In the first half of 2022 Shanghai saw the extension of 462.1 billion yuan in new renminbi loans, of which 438.7 billion yuan were made to enterprise or institutional business units.