The press conference is held on Feb 27 in Jilin. [Photo provided to gojilin.gov.cn]

On Feb 27, the Jilin Branch of the People's Bank of China held a press conference to report on the financial services it provided to Jilin's real economy in 2023.

The total balance of various loans in both domestic and foreign currencies in the province reached 2.78 trillion yuan ($386.17 billion), a 5.5 percent year-on-year increase.

The province's overall volume of credit achieved a reasonable growth. The branch has deepened the implementation of its "1+3+N" mechanism to promote stable credit growth, issued guiding opinions on financial support for Jilin, and formulated the "Implementation Plan for Enhancing the Efficiency of Financial Supply”.

In 2023, the increment of social financing in Jilin province amounted to 363.43 billion yuan, an increase of 109.7 billion yuan year-on-year.

The branch has continued to urge financial institutions within its jurisdiction to effectively implement the market-oriented adjustment mechanism for deposit interest rates. It also guided financial institutions to enhance their internal fund transfer pricing capabilities, thus providing preferential loan interest rates for key areas and weak links, which further reduces the comprehensive financing costs for operating entities.

In 2023, the weighted average interest rate for corporate loans in Jilin province was 4.56 percent, a decrease of 46 basis points year-on-year, reaching the lowest level in recorded history.