East China’s Jiangsu province has made headway in the quality promotion and efficiency enhancement of the manufacturing industry since an action plan was rolled out by the local financial sector, as is evidenced by the amount of loans granted to the manufacturers last year.
The province’s manufacturing sector registered a loan balance of 1.6 trillion yuan at the end of last year, up 3.9% year on year. The amount was 59.4 billion yuan higher from the start of last year, which saw a gain of 116.7 billion yuan from a year ago.
The accounts receivable financing played an important role, as is evidenced by the financing of 18700 loans at the end of last year, totaling 1.03 trillion yuan and ranking first in the country for three consecutive years.
The action plan takes the advanced manufacturing industry, the industrial cluster agglomeration and the traditional industry technological upgrading as the focus and the main point in a bid to boost the high quality development of the manufacturing sector.
By the end of last year, major financial institutions in the province issued 329.5 billion yuan of loan to 15 key industrial sectors, up 18.1% year on year. The growth rate was 14.2% higher than that of the entire manufacturing industry.
The loan issued to energy conservation and emission reduction projects totaled 567 billion yuan, up 17.6% from a year ago.
The net loan declined 8.7% year on year for steel, coal, cement and other industries that need to phase out outdated production capacities.
The financial institutions in Jiangsu has also tried their best to meet the diversified, multi-level and all-round financial needs of the manufacturing industry in its quest for transformation and upgrading.
More than 9000 manufacturing enterprises were involved in the matchmaking activities launched by the local financial institutions last year with initial cooperation intent reached on 6820 projects totaling 311.4 billion yuan of line of credit issued.
