Ningxia's total deposits and loans expand in Q1

On April 25, a press conference on financial operations in the first quarter of 2022 was held in Yinchuan city, capital of the Ningxia Hui autonomous region.

Yan Xiandong, head of Yinchuan sub-branch of the People's Bank of China, said that the total amount of RMB deposits and loans in Ningxia has grown steadily since the first quarter.

At the end of March, the balance of RMB deposits stood at 801.21 billion yuan ($122.34 billion), a year-on-year increase of 8 percent, and the new deposits in the first quarter were 54.64 billion yuan, up by 25.04 billion yuan over the same period of the previous year.

The balance of RMB loans hit 858.28 billion yuan, up 7.3 percent year-on-year and 0.9 percentage points higher than that at the end of 2021, and the new loans were 29.85 billion yuan in the first quarter, a year-on-year increase of 8.15 billion yuan.

The loan balance of enterprises and institutions in Ningxia grew by 8.4 percent year-on-year, which was 1.7 percentage points faster than the rate of increase at the end of the previous year.

National banks added 21.83 billion yuan in new loans in the first quarter, which was 1.9 times the increase in the same period last year.

Medium and long-term loans rose by 22.56 billion yuan in the first quarter, a year-on-year increase of 5.95 billion yuan, which gives strong support for the construction of major projects in the region and helps to meet the reasonable housing needs of individuals.

Loans to the infrastructure industry maintained rapid growth, with an increase of 3.4 billion yuan in the first quarter, accounting for 20.6 percent of the loan increase to all industries.

Ningxia's medium and long-term loans for manufacturing grew well in the first quarter, with an increase of 6.19 billion yuan, a year-on-year increase of 2.82 billion yuan. Green loans in that sector focused on supporting major clean energy projects such as solar power generation.

According to Yan, the Ningxia branch of the People's Bank of China will take measures to guide the further decline of the loan interest rate of enterprises in the region by strengthening the role of quoted interest rates in the loan market, optimizing the supervision of deposit interest rates and promoting the reduction and exemption of related surcharges.

Photos by Xue Rui and Feng Xiaoyun.