The total assets of Guangdong’s banking industry are nearly 40 trillion yuan_1

During the Guangdong Banking Industry’s press conference for the third quarter of 2024, Liu Yunhai, a member of the Party Committee and a second-level inspector at the Guangdong Financial Supervisory Authority, shared important updates on the province’s banking sector. As of the end of September 2024, the total assets of Guangdong’s banking industry reached 39.8 trillion RMB, reflecting a year-on-year growth of 4.73%. The total balance of deposits stood at 30.25 trillion RMB, with a modest increase of 0.75%, while the balance of loans was 27.89 trillion RMB, showing a substantial year-on-year growth of 5.25%.

Liu highlighted that in the first three quarters of the year, banks within the jurisdiction reported an increase in loans amounting to 915.8 billion RMB, with over 80% of these being medium- to long-term loans. Additionally, the banking sector’s bond investments surpassed 1.8 trillion RMB. Loans to private enterprises have also seen growth, increasing by 365.9 billion RMB since the beginning of the year, now totaling 6.5 trillion RMB, which accounts for over half of all corporate loans.

The Guangdong banking sector plays a crucial role in supporting the province’s modernization of its industrial structure. To empower the region’s manufacturing sector, by the end of September, loans to manufacturing reached 2.86 trillion RMB, marking a significant year-on-year increase of 9.6%, outpacing the overall loan growth by 3.25 percentage points. Medium- to long-term loan allocations are increasingly focusing on mid- to high-end manufacturing, with these loans amounting to 1.6 trillion RMB and rising by 16.87% from the previous year. Notably, loans for high-tech manufacturing exceeded 750 billion RMB, while those for digital product manufacturing surpassed 640 billion RMB.

Furthermore, the banking sector in Guangdong is actively engaged in the construction of the Greater Bay Area as an international financial hub. The banks have deeply participated in the pilot program for the “Cross-Border Wealth Management Connect,” continually promoting business expansion. By the end of September, 32 trial banks had been registered across the nine cities in the Greater Bay Area, and the number of participating individual investors reached 125,000, nearly doubling the figure from the same time last year. This initiative facilitated cross-border capital transfers amounting to over 90 billion RMB, enhancing connectivity within the financial markets of the Greater Bay Area.

Moreover, to support key projects in Nansha, Guangzhou, cumulative credit exceeded 300 billion RMB. Leveraging the “Macau Neighbourhood” project in the Zhuhai Hengqin Guangdong-Macau Deep Cooperation Zone, banks have been guided to offer various cross-border financial services to Macau residents, including tailored loans such as business loans and entrepreneurship financing.