Chinese bank financing for foreign trade surges
Updated: 2012-10-24 10:34
(Xinhua)
|
|||||||||||
BEIJING -- The volume of outstanding trade financing between banks and China's exporters and importers amounted to 2.96 trillion yuan ($469 billion) at the end of September, 34.2 percent higher than a year earlier, according to new official data.
The percentage was 17.8 points higher than the average growth of loans in the banking sector in both yuan and foreign currencies, a spokesman for the China Banking Regulatory Commission said on Tuesday.
The financing volume comprised both yuan-denominated and foreign currency-denominated financing from banks.
"The CBRC has encouraged banks to step up lending support for the nation's exporting and importing enterprises, and set reasonable interest rates and service charges. These are efforts to reduce companies' financing costs and boost foreign trade," said the spokesman.
Facing pressure from dropping overseas orders, the State Council, or China's Cabinet, approved multiple measures to stabilize foreign trade in September. The package included urging banks to expand trade financing for small firms and increase credit to exporters.
Meanwhile, export-related insurance companies were asked to offer more short-term services to small and medium-sized businesses to help them explore overseas markets. The nation has also sped up export tax rebates for companies.
Amid these measures, exports rose 9.9 percent to $186.35 billion last month, up from 2.7 percent registered in August. Imports also grew 2.4 percent to $158.68 billion in September, ending three months of consecutive drops.
Related Stories
ADB to offer trade finance in yuan, rupee 2012-07-19 08:02
Yuan included in Trade Finance Program 2012-07-18 16:21
Banks to finance private energy-efficient projects 2011-05-16 20:23
HKEx taps bank financing LME bid 2012-04-13 08:15
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |