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China's financial regulator vows support to lift real economy


China's financial sector will continue to serve the real economy, and the regulator will keep prioritizing efforts to prevent and curb financial risks, and boost high-quality development of the financial sector, officials from the National Financial Regulatory Administration (NFRA) said at a press conference on Thursday. 

To support the healthy, stable development of China's housing market, the country will encourage local governments to roll out tailored policy measures to further optimize down payment ratios, loan interest rates and other personal housing loan policies, according to Xiao Yuanqi, deputy head of the NFRA.

To date, the country's balance of real estate development loans and personal housing loans amounted to 12.3 trillion yuan ($1.7 trillion) and 38.3 trillion yuan, respectively, said Xiao.

The administration also pledged to promote inclusive finance to give an impetus to small and micro enterprises.

By the end of 2023, the balance of inclusive loans to small and micro enterprises in the country was 29.06 trillion yuan, an increase of 23.27 percent year on year.

(Cover via CFP)

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