February 15, 2024 (MLN): China’s total outstanding medium and long-term loans for the industrial sector amounted to 21.83 trillion yuan (about $3.07tr) at the end of 2023, up 28% year on year, China’s central bank said, as APP reported.

Outstanding medium and long-term loans for the heavy industry sector came in at 18.62tr yuan, marking an increase of 28% from the end of 2022, while that for the light industry sector went up 27.9% to 3.2tr yuan, according to a report released by the People’s Bank of China.

The report showed that in 2023, China’s medium and long-term loans for the service and infrastructure sectors also maintained a high growth rate.

Loans in the service sector increased 12.4% to 61.48tr yuan, while the balance of loans in the infrastructure sector grew by 15% from the same period of 2022.

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Posted on: 2024-02-15T13:10:11+05:00