China Everbright Bank has announced its plan to increase credit support for the real economy in 2023. The bank aims to prioritize credit growth in key areas such as advanced manufacturing, scientific and technological innovation, green finance, and inclusive finance. The goal is to ensure that credit growth in these areas exceeds the overall loan growth of the bank.
At the end of 2022, China Everbright Bank’s total loans amounted to 3.57 trillion yuan ($519.52 billion), an increase of 8 percent from the start of the year. The bank’s outstanding medium- and long-term loans to the manufacturing sector reached 193.6 billion yuan, up 40.7 percent from a year ago. Furthermore, outstanding loans to small and micro enterprises reached 305.3 billion yuan, up 28.8 percent from the end of 2021.
Wang Zhiheng, the bank’s president, emphasized the importance of increasing credit support for key areas in 2023 to meet the financial needs of the real economy. The bank’s net profits for 2022 totaled 45.04 billion yuan, an increase of 3.2 percent year on year. Meanwhile, the non-performing loan ratio stood at 1.25 percent at the end of last year, unchanged from the start of 2022.
The move by China Everbright Bank to increase credit support for the real economy is part of the Chinese government’s efforts to achieve sustainable and high-quality economic growth. The bank’s focus on key areas such as advanced manufacturing and green finance aligns with the country’s push towards innovation, technology, and environmental protection.