Financial Services Association, October 30 (Reporter Shi Sitong) On October 30, the Beijing Branch of the People's Bank of China and the Beijing Branch of the State Administration of Foreign Exchange held a press conference for the fourth quarter of 2024. Overall, as of the end of September, Beijing's RMB loan balances and deposit balances increased by 5.4% and 9.4%, respectively.

Among them, it is worth mentioning that since this year, the weighted average interest rate for new corporate loans issued by financial institutions in Beijing has remained low. Among them, the weighted average interest rate for corporate loans in September was 2.87%, a new low since statistics were compiled.

Specifically, in terms of credit, the total credit volume of financial institutions in Beijing continued to grow in the first three quarters of this year. At the end of September, the balance of various RMB loans increased 5.4% year on year, with an average monthly growth rate of 10.2% in the first three quarters. At the end of September, medium- and long-term loans to enterprises (businesses) businesses increased 8.7% year on year.

“If you take a comprehensive look at multiple dimensions such as inside and outside the table, direct financing, and indirect financing, the total amount of financing provided by the financial system to the real economy in the first three quarters was nearly 950 billion yuan, which is nearly 400 billion yuan higher than the same period last year.” Ma Bing, deputy director of the investigation and statistics department of the Beijing branch of the central bank, said.

Judging from the credit structure, since this year, the Beijing region has continued to increase support for key areas and weak links, and the credit structure has continued to be optimized. By the end of September, the balance of medium- and long-term loans in the manufacturing industry increased by 12.4% year on year, 4.5 percentage points higher than the growth rate of medium- and long-term loans in all industries; green loans increased 15.5% year on year; and the balance of inclusive small and micro loans increased 15.8% year on year. The number of Inclusive Xiaowei borrowers was 1.497 million, 0.284 million more than at the end of the previous quarter.

Looking at interest rates, since this year, the weighted average interest rate for new corporate loans issued by financial institutions in Beijing has remained low, and the corporate interest burden has been reduced. Data show that in September, the weighted average interest rate for general loans from financial institutions in Beijing was 3.69%, down 12 and 16 basis points from year to month, respectively. The weighted average interest rate for corporate loans was 2.87%, a record low since statistics began, falling 25 basis points and 2 basis points year-on-year and month-on-month, respectively.

Furthermore, in terms of deposits, the balance of various RMB deposits in Beijing increased 9.4% year on year at the end of September, 2.3 percentage points higher than at the end of the previous quarter. The average monthly growth rate for the first three quarters was 9.1%. A CFA reporter noticed that among them, the balance of RMB household deposits increased 10.0% year on year, and the growth rate decreased by 7.9 percentage points from the same period last year.

Looking ahead, Wen Bin, chief economist at China Minsheng Bank, believes that with the implementation of a package of incremental policies, infrastructure and manufacturing investment is expected to maintain a certain level of intensity in the fourth quarter, real estate sales will gradually stop falling and stabilize, and the internal cycle from production to consumption will be repaired, promoting a recovery in enterprise production and operation, mitigating weak consumer consumption, and enhancing macroeconomic growth momentum.