China’s aggregate financing maintains high growth in October

China's total social financing maintained high growth in October, as various incremental financial policies are gradually taking effect, the country's central bank said on Monday.

The outstanding aggregate social financing stood at 403.45 trillion yuan (about 55.85 trillion U.S. dollars) at the end of October, up 7.8 percent year on year, according to data from the People's Bank of China.

Of the amount, outstanding yuan loans for the real economy reached 251.16 trillion yuan (about 34.77 trillion U.S. dollars), an increase of 7.7 percent year on year.

Specifically, new government bond issuance and bill financing rose significantly in the month.

"Aggregate social financing maintained a high growth in October despite the high base of last year. In the first three quarters, loan issuance from major financial institutions is estimated to exceed 110 trillion yuan (about 15.2 trillion U.S. dollars), which is nearly 8 trillion yuan (about 1.11 trillion U.S. dollars) higher than that in the same period last year. In the meantime, both repayment and issuance have grown rapidly, meaning the relocation of existing credit assets has made progress, and the efficiency of loan issuance has been further improved," said Dong Ximiao, chief researcher at Merchants Union Consumer Finance.

Since late September, a number of policies have been implemented, such as the cutting of reserve requirement ratio, interest rates, and mortgage rates on existing home loans, and the launch of a special re-lending facility to support the capital market, which have not only boosted market confidence, but also produced tangible results.

In October, the purchasing managers' index (PMI) for China's manufacturing sector bounced back to the expansion zone at 50.1 percent, according to data jointly released by China Federation of Logistics and Purchasing and National Bureau of Statistics (NBS).

The Small and Medium Enterprises Development Index, based on a survey of 3,000 SMEs across eight major industries, reached 89 last month, 0.3 points higher than in September, according to a report from the China Association of Small and Medium Enterprises.

This growth rate marked the largest increase this year and the highest since March 2023, the association reported.

The central bank has vowed to step up support for stabilizing growth when making monetary policies.

"With the support of various incremental policies, social expectations and market confidence will continue to improve, and effective financing demand will rise further. Given some incremental policies remaining in the pipeline, and that it takes time to go through loan review, credit extension and money withdrawal, the policy effects will further spread in the future, and the financial support for the high-quality development of the real economy will be stronger and more effective," Dong said.

China’s aggregate financing maintains high growth in October

China’s aggregate financing maintains high growth in October

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition