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Sichuan's Banking and Insurance Sectors Remain Steady in First Ten Months
Updated:2024.12.10

The banking and insurance industries in Sichuan Province have maintained stability, providing robust financial support for its economic and social development. According to the latest information from the Sichuan Regulatory Administration of the National Financial Supervisory Administration, as of the end of October, the banking sector in Sichuan reported assets, liabilities, balance of deposits, and balance of loans totaling 16.53 trillion yuan, 15.95 trillion yuan, 12.62 trillion yuan, and 11.63 trillion yuan, respectively. This performance maintains the sector's national ranking at seventh place and its top position in the western region. The insurance sector in Sichuan recorded an original insurance premium income of 250.665 billion yuan, ranking sixth nationwide, and reported claims paid totaling 99.043 billion yuan, reflecting a year-on-year increase of 20.2 percent.

The banking sector in Sichuan has been actively supporting major strategies and projects within the province, including the development of the Chengdu-Chongqing Economic Circle, the implementation of major national strategies and building up security capacity in key areas, large-scale equipment renewals and trade-ins of consumer goods, as well as the digital and intelligent transformation initiative. By the end of September, the balance of loans to the 700 key projects in the province had exceeded 450 billion yuan, marking a 10.8 percent rise from the start of the year. Additionally, the inflow of "Insurance Funds into Sichuan" has increased to 620.783 billion yuan. The balance of the manufacturing loans in the province stood at 898.304 billion yuan, with medium- and long-term loans accounting for 56.7 percent of this total, up by 6.5 percentage points year on year. Throughout the year, financial institutions across the province collectively extended loans to 19,000 high-tech enterprises and 16,000 technology-driven small and medium-sized enterprises. The loan balances for these enterprises grew by 48.7 percent and 16.1 percent, respectively, on a year-over-year basis. By November 17, financial institutions had granted credit lines amounting to nearly 200 billion yuan to 650 housing development projects, and loan disbursements had surpassed 160 billion yuan, with more than 50 percent of these funds allocated to private enterprises.

As of the end of September, the balance of loans to small and micro enterprises in the province rose by 18.6 percent year-on-year. The annualized interest rate for new inclusive loans to these enterprises was 44 basis points lower compared to the previous year. The balance of inclusive agriculture-related loans in the province had increased by 8.7 percent since the beginning of the year, with the balance of key grain sector loans jumping by 34 percent. Insurance coverage for the three major cereal crops now spans 30.2926 million mu (approximately 2019.5067 thousand hectares). Farmers have received risk protection services on 7.8631 million occasions, with coverage amounting to 26.201 billion yuan. The total claims paid out have reached 3.036 billion yuan.

 
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