China is stepping up its game to fuel high-quality economic growth! 💪 Li Yunze, head of the National Financial Regulatory Administration (NFRA), announced that the country is providing robust financial support to boost key sectors.
The NFRA, established just this May, is China's new watchdog overseeing the financial industry (minus the securities sector).
Speaking after China's annual national legislative session, Li highlighted how financial services are playing a crucial role in propelling growth. 📈
Check this out: Yuan-denominated loans in 2023 increased by a whopping 1.3 trillion yuan ($180 billion) compared to last year! Key areas like high-tech and green initiatives saw loan growth skyrocket over 20%. 🚀
Plus, borrowing costs are hitting historic lows. With lower interest rates, homebuyers are saving around 170 billion yuan each year thanks to reductions in first-home mortgage rates. 🏠💰
So, what's next? The NFRA is focusing on supporting innovation, boosting consumption, and helping out small businesses.
They're backing scientific and tech innovation by expanding equity investment pilots—meaning more support for those cutting-edge science and tech enterprises! 🧪🔬
Want to buy a car? 🚗 The NFRA is looking into making car ownership more accessible. They're considering reduced down payments for car loans and tweaking the pricing for new energy auto insurance.
For all the budding entrepreneurs out there, the NFRA is launching a special initiative on inclusive finance to ramp up small and micro loans. That means more support for your big ideas! 💡
And don't worry about financial risks—Li reassured everyone that things are under control, and China has the resources to tackle any potential issues. 🛡️
Reference(s):
China pledges strong financial support for high-quality growth
cgtn.com
