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Wenzhou’s Social Financing Increased by Over 60 Billion Yuan from January to February
Date:2021-03-26 10:56:09 Source:Wenzhou·China Fonts:[ Large Medium Small ]

According to the data of the People’s Bank of China (Wenzhou Branch), the credit operation in Wenzhou was relatively stable in the first two months of this year, laying a solid foundation for the annual credit growth. From January to February, Wenzhou’s social financing increased by 67.58 billion yuan, up 22.63 billion yuan or 50.3%. The composition of loan increment gratifyingly reveals that Wenzhou’s social financing mode is comprehensive.

From January to February, RMB loans in Wenzhou increased by 49.14 billion yuan, 8.99 billion yuan more than the increase of the same period of the previous year. Among them, corporate bond financing rose by 8.36 billion yuan, 7.16 billion yuan more than the increase of the same period of the previous; stock financing grew by 1.08 billion yuan, nought growth over the same period of the previous year. “On the one hand, the big environment, the government in particular, vigorously promotes direct financing. On the other, bonds are widely accepted by Wenzhou enterprises for the flexible term, low interest rate and flexible use.” Chi Dahao, General Manager of Zheshang Securities Co., Ltd. (Wenzhou Branch), explained why the scale of corporate bond financing in Wenzhou has been expanding in recent years.

Many business owners came to enjoy the convenience and low interest rates of bank loans. “I got the loan of 800,000 yuan simply by using my mobile phone in the workshop,” said the person in charge of Wenzhou Kairui Electronic Technology Co., Ltd. After he applied for a bank loan online through Agricultural Bank of China (Wenzhou Branch), the loan was automatically transferred between the banking and government platforms. Then, with the account manager’s approval and the click of “Use of Credit” by the applicant, the loan successfully got into the company’s account. The data shows that from January to February, the newly added corporate loans in Wenzhou mounted to 41.21 billion yuan, accounting for 83.9% of Wenzhou’s loan increment, a year-on-year growth of 20.9%, 3.3 percentage points higher than the average growth rate of loans in the whole city. In addition, the financing cost was generally stable, and the average weighted interest rate of loans from January and February was 5.42%, down 0.16 percentage points from the beginning of the year.

While augmenting the total amount of loans, financial institutions in Wenzhou have continuously optimized the structure of credit investment and strengthened their support for Wenzhou’s real economy, especially for private enterprises and manufacturing industry. At the end of February, the city’s private economic loans accounted for 42.48% of all loans, up 0.83 percentage points from the beginning of the year and 1.49 percentage points higher than the same period of the previous year. The rebound in manufacturing loans has been further consolidated. From January to February, the city’s manufacturing loans increased by 6.54 billion yuan, up 1.71 billion yuan year on year. The balance exceeded 190.02 billion yuan for the first time, representing a year-on-year increase of 13.0%, up 0.7 percentage points over the previous year.

At the same time, the “mortgage-only” theory of loans has been overturned, as more and more enterprises in Wenzhou exchange credit for money. At the end of February, the newly added enterprise credit loans in Wenzhou hit 8.46 billion yuan, up 19% year on year. Among them, private enterprise credit loans increased by 5.91 billion yuan, up 48.9%. Meanwhile, the financial ecology of Wenzhou is being restored and credit assets are excellent in quality. As of the end of February, the city’s non-performing loan balance was 10.31 billion yuan, down 420 million yuan from the beginning of the year, and the non-performing loan rate was 0.73%, down 0.06 percentage point from the beginning of the year.

Furthermore, citizens’ “pockets” are bulging with money. As of the end of February, the balance of household deposits in the city reached 906.44 billion yuan, an increase of 41.63 billion yuan over the beginning of the year, up 3.7 billion yuan or 12% year on year, and 2.3 percentage points higher than the same period of the previous year.

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