Government News
Financial institutions support Shanghai's economic development 2022-09-23
Banks and insurance institutions in Shanghai have made great efforts and achievements in supporting the city's economic and social development over the past decade.
Over the past 10 years, both the assets and bank loans of Shanghai's banking industry have grown by over 140 percent.
In the insurance industry, meanwhile, the insurance penetration has increased from 4.08 percent to 4.56 percent, while the insurance density has risen from 3,421 yuan (US$484) per person to 7,917 yuan per person, data from the city's banking and insurance regulatory bureau showed.
Banking and insurance industries have been trying to better serve the real economy in the city.
Shanghai posted 1.23 trillion yuan of manufacturing loans under its jurisdiction at the end of August, with a 96 percent increase in loan balance.
To promote the establishment of China's integrated circuit insurance community, the bureau has provided insurance coverage of nearly 700 billion yuan for 12 key customers in the integrated circuits industry.
It is developing inclusive finance as well, with a loan balance of over 800 billion yuan for inclusive small and micro enterprises at the end of July, showing an average annual growth of over 30 percent.
Also of note, facing the severe and complex situation of pandemic prevention and control this year, the bureau guided about 5,000 people from banks and insurance institutions to stay at their posts to ensure basic financial services, while introducing a working mechanism of "bailout financing" to solve the problems of small and medium-sized and individual entrepreneurs.
As of the end of July, the total amount of bailout financing added up to 174.1 billion yuan, indirectly providing employment support for more than 2.6 million people in the city.
In the first half of this year, the added value of Shanghai's financial sector reached 412.5 billion yuan, accounting for 21 percent of the city's gross domestic product, up 9 percentage points from a decade ago.
Finance not only provides blood for the growth of Shanghai's real economy, but is also an important cornerstone of the city's economic growth, said Li Hu, first-level inspector of the Shanghai Banking and Insurance Regulatory Bureau.
Among banks, the Shanghai branch of the Agricultural Bank of China, one of the "Big Four" banks in China, posted its assets and liabilities both exceeding 1 trillion yuan by the end of June, with the average daily balance of local and foreign currency deposits higher than 1.2 trillion yuan, and the balance of various loans over 700 billion yuan.
"We have kept in mind its social responsibility of better serving the agricultural industry, farmers and rural areas," said Chen Qichang, head of the Shanghai Branch of the Agricultural Bank of China.
With over 400 outlets in the city, more than a half are in rural areas, covering over 98 percent of towns and villages to make it more convenient to reach financial services.
The Shanghai Rural Commercial Bank laid emphasis on serving the small and medium-sized enterprises and the science and technology startups. By the end of 2021, the bank's balance of loans to SMEs topped 330.5 billion yuan, with over 27,000 SME borrowers.
"As of the end of June this year, our balance of loans to science and technology companies had exceeded 63 billion yuan. Over 30 percent of the SMEs that specialize in niche sectors across the city and nearly a half of the 'little giants' (leading SMEs specializing in niche sectors) are among our customers," said Xu Li, chairman of the Shanghai Rural Commercial Bank.
Source: Shanghai Daily
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