China's financial sector shows robust support for key industries by July

China's financial institutions have enhanced their support for the real economy, with 251 trillion yuan of RMB loans balance registered at the end of July, said a spokesman of the National Financial Regulatory Administration on Wednesday.

"At the end of July, the balance of RMB loans stood at 251 trillion yuan (about 35.19 trillion U.S. dollars), marking an increase of 13.5 trillion yuan (about 1.89 trillion U.S. dollars) since the beginning of the year. Meanwhile, the balance of bond investments by banking and insurance institutions reached 103 trillion yuan (about 14.44 trillion U.S. dollars), reflecting a rise of 4.9 trillion yuan (about 690 billion U.S. dollars). Additionally, the balance of insurance funds utilization amounted to 31 trillion yuan (about 4.35 trillion U.S. dollars), showing a 7.4 percent increase," said Xiao Yuanqi, deputy head of the administration.

The structure of financial resources has been further optimized, Xiao added.

"Support for advanced manufacturing and technological innovation has been strengthened, with manufacturing loans increasing by 11.4 percent year on year by the end of July, while loans to high-tech industries grew by 13.9 percent. Financial services for small and micro enterprises, as well as the agriculture, rural areas, and farmers, have also improved, with inclusive small and micro enterprise loans rising by 17.1 percent year on year by the end of July. Additionally, the financial sector's support for the health industry and the silver economy has intensified, with loans to the elderly care industry up by 16.1 percent from the beginning of the year," he said.

In terms of integrating the digital economy with the real economy, loans to core industries in the digital economy increased by 12.4 percent year on year. Furthermore, the insurance industry has played a critical role in supporting the rapid recovery of production and daily life following natural disasters such as floods. In the first seven months of the year, insurance payouts reached 1.39 trillion yuan (about 190 billion U.S. dollars), representing a year-on-year increase of 30.2 percent. By the end of July, the insurance industry had provided 28.5 trillion yuan (about 4 trillion U.S. dollars) in various financing supports through bonds, stocks, and other channels, he said.

China's financial sector shows robust support for key industries by July

Over 50 international guests, including foreign government officials, scholars and experts, on Tuesday visited the 12345 Beijing Citizen Hotline Service Center headquarters, where they were impressed by the professionalism of the operators and the efficient troubleshooting process.

The visit, which was a side event of the two-day Beijing Forum on Swift Response to Public Complaints (SRPC), provided the international guests a firsthand look at the center.

The visitors, aided by simultaneous voice translators, were shown around to observe how complaints are swiftly managed at the center.

The 12345 hotline, a key tool for Beijing residents to voice their concerns, ensures that once a complaint is filed, it is quickly directed to a related local government or a public service department for resolution.

The guests were given a tour of the intelligent platform that manages the 12345 hotline, which integrates smart reception, complaint dispatching, evaluation, and analysis. This digital platform is integral to Beijing's urban governance, using big data to prioritize urgent issues and ensure precise and efficient responses.

Thanks to the big data analysis, the system can pinpoint the most urgent problems with the highest concerns, and then take precise measures.

Over the past six years, the 12345 citizen hotline service has handled 150 million complaints and inquiries from the public and enterprises.

The resolution rate of appeals has increased from 53 percent to 97 percent, and the satisfaction rate among people whose appeals have been resolved has increased from 65 percent to 97 percent.

The Beijing Forum on Swift Response to Public Complaints closed on Thursday in Beijing. The permanent theme of the forum is "People's City, Better Future", and the 2024 forum theme was "Modernizing for People-Centered Urban Governance."

Int'l guests visit Beijing citizen hotline service headquarters