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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Sept. 23 (Xinhua) — China's financial sector has made significant progress during the 14th Five-Year Plan period (2021-2025), with total assets of China's banking industry approaching 470 trillion yuan (66.2 trillion U.S. dollars) as of the end of June this year, ranking first in the world.
China has led the world in foreign exchange reserves for 20 consecutive years and ranks second in the world in terms of stock and bond markets, People's Bank of China (PBOC) Governor Pan Gongsheng said on Monday at a press conference on the country's financial progress during the 14th Five-Year Plan period.
According to Pan Gongsheng, China is a global leader in green, inclusive, and digital finance. China has developed a multi-channel, widely accessible, secure, and efficient network for cross-border payments and renminbi settlements, and its mobile payments are among the world's leaders.
The quality and efficiency of financial services supporting the real economy have improved significantly. During the 14th Five-Year Plan period, the average annual growth in loans issued to small and medium-sized science and technology enterprises in China exceeded 20 percent, reported Pan Gongsheng.
The financial sector has become more resilient, said Li Yunze, head of China's National Financial Supervision Administration, noting that the combined assets of China's banking and insurance industries now exceed 500 trillion yuan, having grown by an average of 9 percent per year over the past five years, strengthening the country's position as the world's largest credit market and second-largest insurance market.
Li Yunze added that among the world's 1,000 largest banks, 143 are Chinese, and six out of the top ten positions are occupied by Chinese institutions.
Financial services have reached a new level. Over the past five years, China's banking and insurance sectors have provided 170 trillion yuan in new funds to the real economy through various means, including loans, bonds, and equity, said Li Yunze.
Regarding the stock market, China Securities Regulatory Commission head Wu Qing said at a press conference that technology companies are now taking up an increasing share of the stock exchange's A-shares as China strengthens capital market support for scientific and technological innovation.
According to Wu Qing, significant progress has been made thanks to investment reforms, and by the end of August this year, medium- and long-term funds had A-shares outstanding with a total market value of 21.4 trillion yuan, up 32 percent from the end of 2020.
Regarding the foreign exchange market, Zhu Hexin, vice governor of the People's Bank of China and head of the State Administration of Foreign Exchange, said at a press conference that China's foreign exchange reserves have consistently exceeded US$3 trillion since the start of the 14th Five-Year Plan.
Cross-border bilateral investment and financing remain active, and as of the end of July, overseas institutions and individuals held more than 10 trillion yuan in domestic stocks, bonds, deposits and loans, Zhu Hexin said, adding that cross-border receipts and payments in 2024 will reach 14 trillion US dollars, up 64 percent from 2020. -0-
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