Taizhou city achieves impressive growth in loans, deposits

An aerial view of Taizhou city in Jiangsu province. [Photo by Qian Yu/WeChat ID: tztour]

According to the Taizhou branch of the People's Bank of China, the combined amount of domestic and foreign currency loans in the city of Taizhou – in East China's Jiangsu province – hit 1 trillion yuan ($137.8 billion) by the end of July.

That made it the 15th city in the Yangtze River Delta city cluster to surpass the 1-trillion-yuan mark in outstanding loans.

In the year to end-July, the total balance of various loans in Taizhou increased by an impressive 19.65 percent compared with the same period last year, marking a new high in nearly a decade. That growth rate is said to position Taizhou as a leader in Jiangsu province, surpassing the national average by 9.15 percentage points.

Various deposit balances also increased by 15.53 percent, ranking second in the province. Additionally, Taizhou's growth rates for deposits and loans outperformed others in the province.

Recent statistics showed that from January to July of this year, various loans in Taizhou increased significantly by 140.16 billion yuan, marking a whopping 154 percent increase compared with the entire previous year.

Notably, the loan growth in July alone was 4.24 times that of the same period last year. As of end-July, the balance of business loans in the city stood at nearly 751.15 billion yuan, reflecting a year-on-year growth rate of 25.5 percent.

During the same period, enterprise loans increased by 131.5 billion yuan, reflecting the strong growth trend.

Elsewhere, the balance of manufacturing loans reached 125.99 billion yuan, for year-on-year growth of 156 billion yuan – with a 51 percent increase in medium and long-term manufacturing loans, amounting to a balance of 51.1 billion yuan.

Furthermore, statistics revealed that by the end of July, the balance of infrastructure loans stood at about 386.44 billion yuan, for a year-on-year growth rate of 29.14 percent, an increase of 4.93 percentage points compared with the same period last year.

In the January to July period, infrastructure loans increased by 78.1 billion yuan.