The southern Chinese tech hub of Shenzhen has seen lending to key areas of policy support outpace overall average loan growth since the start of 2022.
As of the end of September, the total assets of Shenzhen’s banking sector stood at 12.03 trillion yuan, for year-on-year (YoY) growth of 9.04%, while its lending balance stood at 8.41 trillion yuan, for YoY growth of 9.94%, according to official data released by Shenzhen’s financial regulator on 1 November.
Shenzhen’s manufacturing loan balance stood at 1.08 trillion yuan at the end of September, for YoY growth of 22.16%, and an acceleration of 6.79 percentage points compared to the same period last year.
Medium and long-term loans to the manufacturing sector accounted for 55.47% of such lending, for an increase of 2.59 percentage points compared to the start of the year.
As of the end of September Shenzhen’s financial inclusion micro-and-small enterprise loan balance was 1.33 trillion yuan, for YoY growth of 24.34% – 14.4 percentage points ahead of overall loan growth.
The number of small enterprise loan recipients was 1.2258 million, for an increase of around 191,500 compared to the same period last year.
As of the end of September loans to strategic emerging industries, tech enterprises and green loans in Shenzhen had grown by 140.7 billion yuan, 182.2 billion yuan and 123.9 billion yuan respectively since the start of the year, all well ahead of average growth in total loans within the municipality.