FOREIGN banks in Shanghai posted an over 6 percent rise in total assets in the first half of the year and made progress in innovation as well as deepening cooperation with Chinese banks for the Belt and Road initiative.

By June, the total assets held by foreign banks in Shanghai gained 6.4 percent year on year to 1.36 trillion yuan (US$240 billion). Their loan balances and deposit balances rose while the non-performing loan ratio fell to a two-year low of 0.51 percent. The data signaled their steady growth and that their risks were generally controllable.

The Chinese government’s promotion of the Belt and Road initiative has prompted foreign banks in Shanghai to deepen cooperation with Chinese banks on projects related to it. With their built-in advantages such as international networks and integrated products, foreign banks actively helped Chinese companies to expand at home and abroad under the initiative.