Zhejiang Ranks Fourth in Outstanding Loans on Chinese Mainland

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Last updated at: (Beijing Time) Saturday, June 21, 2003

Zhejiang Ranks Fourth in Outstanding Loans on Chinese Mainland

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Zhejiang Province, famous for its booming private economy, became the fourth province on the Chinese mainland with a total volume of outstanding loans exceeding one trillion yuan (121.9 billion US dollars) by the end of May.

According to statistics released by Zhejiang Statistics Bureau Friday, the outstanding loans in Chinese and foreign currencies byfinancial institutions totaled 1.056 trillion yuan (128.7 billion US dollars), up 43.1 percent year on year.

The figure, a record high, ranked the eastern coastal province in the fourth place after Guangdong province, Shanghai and Beijing.

An economic powerhouse in east China, Zhejiang registered a gross domestic product of 767 billion yuan (92.74 billion US dollars) in 2002, up 12.3 percent from the previous year, according to the provincial statistics bureau.

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