China agric bank ups support for manufacturing sector

Support

The Agricultural Bank of China, one of the country’s largest commercial lenders, has scaled up support for the manufacturing sector.

According to the bank, as at the end of March, the bank’s outstanding loans to the manufacturing sector exceeded 2.69 trillion Yuan (about 388.42 billion dollars).

Data from the lender showed that the newly-added loans to the manufacturing industry stood at over 390 billion Yuan at the end of the first quarter (Q1).

As of the end of Q1, loans issued to emerging industries of strategic importance increased more than 430 billion Yuan, meanwhile outstanding loans to specialise and innovative firms topped 200 billion Yuan for the first time.

The lender has also ratcheted up support for low-carbon development, with its green loans reaching over three trillion Yuan by the end of March.

(Xinhua/NAN)