Shanghai Reports Rapid Growth in Outstanding Loans

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Last updated at: (Beijing Time) Tuesday, July 08, 2003

Shanghai Reports Rapid Growth in Outstanding Loans

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Banking institutions in Shanghai, China's biggest industrial and financial center, reported a total of 1.2082 trillion yuan (147.3 billion US dollars) in outstanding loans, an increase of nearly 40 percent over the beginning of 2003,bank officials said.

According to the figures released by the Shanghai Municipal Branch of the People's Bank of China (PBOC), the central bank, on Monday, the growth rate represents a rise of 149.7 billion yuan (18.2 billion US dollars) in loans for the six-month period.

Business financing is still dominating the loan market, and five sectors -- real estate, wholesale and retails, manufacturing,leasing and business-related services and construction -- were themajor borrowers.

The sectors used 70 percent of the new loans for business, and the ratio of loans for big companies to medium-size and small firms was three to seven.

By late May, real estate accounted for 231.2 billion yuan in outstanding loans, up 55.3 percent.

Loans released for real estate businesses during the first fivemonths amounted to 34.1 billion yuan (4.1 billion US dollars), 34.2 percent of all the loans in the same period.

Business insiders said that the upward economy has increased the demand for loans, while commercial banks in the municipality also improved their marketing efforts.

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