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Hainan's financial sector increased loans by 4.2% to $157 billion in January-November


HAIKOU /China/, December 29. /TASS/. Hainan financial institutions issued loans for 1.1 trillion yuan (over $157 billion) in January-November, increasing this figure by 4.2% year on year, Fang Xin, head of the central branch of the People's Bank of China (PBOC) in the province, said.

"This year, ensuring stable development has become an even higher priority for our bank," he stressed at a press conference. "Between January and November, Hainan's renminbi and foreign currency loans totaled 1.1 trillion yuan, up 4.2% over the same period last year."

As the official explained, the dynamic growth of loans in the province "shows the increased support provided by the financial system to the real sector of Hainan's economy." "The year 2022 was a special year; the growth rate [of the said indicator] is markedly higher than in previous years," he added.

According to Fang Xin, loans to strategic companies, sole proprietorships and knowledge-intensive SMEs in the province grew by 33.5%, 23.8% and 23.3%, respectively, in the first 11 months. Loans secured by receivables for export operations increased the most (72.1%).


Since the beginning of the year, the PBOC branch has published a series of important advisory documents on how to improve the efficiency of financing Hainan Free Trade Port projects. Fang Xin added that the China Central Bank is promoting the transformation of the province's banking system and actively supporting the development of its key socio-economic development centers.