The balance of loans in East China's Anhui province exceeded 5 trillion yuan ($714 billion) at the end of June, up 15.97 percent year-on-year, data showed.
Major financial institutions in the province have increased loans to reduce the impact of the COVID-19 epidemic, according to the Local Financial Regulatory Bureau of Anhui.
The balance of loans reached 4 trillion yuan last January. New renminbi (RMB) loans and foreign currency loans stood at a record 510.9 billion yuan between January and June, 157.8 billion yuan more than the same period a year ago.
“It took only three days to get 1 million yuan of loans from Postal Savings Bank of China. It helped us a lot,” Wang Xin, a drug retailer in Huangshan city of the province said. Loans have helped small and medium-sized enterprises like Wang’s company tide over financial difficulties amid the epidemic.
The province has also improved the structure of financing since the beginning of this year. As of May 31, the balance of medium- and long-term loans to the manufacturing sector totaled 105.44 billion yuan, up 27.18 percent year-on-year. The increase was 11.46 percentage points higher than the province’s average growth in loan balance during the same period.
The value-added output of the province’s financial sector rose 8.7 percent to 234.56 billion yuan last year, accounting for 6.3 percent of its GDP. The financial industry has become one of Anhui’s pillar industries, the bureau said.