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China Fund News reporter Guo Wenjun

On July 24, the Shenzhen Branch of the People's Bank of China (hereinafter referred to as the PBC Shenzhen Branch) and the Shenzhen Branch of the State Administration of Foreign Exchange (hereinafter referred to as the Shenzhen Branch of SAFE) revealed at a press conference held in the Qianhai Cooperation Zone that in the first half of 2024, Shenzhen's total financial volume will grow reasonably, with a deposit balance of 13.40 trillion yuan and a loan balance of 9.52 trillion yuan.

Balance of inclusive small and micro loans

The first in the country to exceed 2 trillion yuan

According to the Shenzhen branch of the People's Bank of China, in the first half of 2024, Shenzhen's financial industry supported the improvement of the quality and efficiency of the real economy. As of the end of June 2024, the loan balance of Shenzhen's manufacturing industry was about 1.2 trillion yuan, a year-on-year increase of 14.8%; the balance of green loans was 1.06 trillion yuan, a year-on-year increase of 28.4%. It is worth mentioning that the balance of inclusive small and micro loans was the first in all cities across the country to exceed 2 trillion yuan, effectively supporting the private economy and small, medium and micro enterprises.

At the same time, Shenzhen's social financing costs continued to decline. From January to June 2024, the weighted average interest rate of newly issued corporate loans in Shenzhen fell by 0.25 percentage points year-on-year.

“30 Measures for Financial Support to Qianhai”

All innovation policies have been implemented

According to the Shenzhen Branch of the People's Bank of China and the Shenzhen Branch of the State Administration of Foreign Exchange, all innovative policies of the "30 Measures for Financial Support to Qianhai" involving the responsibilities of the People's Bank of China and the State Administration of Foreign Exchange have been implemented, and 14 national "firsts" and "first batches" have been formed, providing Qianhai experience for national financial reform and innovation, 11 of which have been replicated and promoted.

In terms of the interconnection of financial markets and infrastructure in Shenzhen and Hong Kong, the pilot program of "Cross-border Wealth Management Connect" has been optimized and upgraded, steadily expanding the channels for residents of the two places to invest in each other's financial products. Currently, there are 58,000 individual investors in Shenzhen participating in the pilot program, with a total cross-border payment amount of 30.2 billion yuan, accounting for 45.9% of the total number of investors in the Guangdong-Hong Kong-Macao Greater Bay Area.

Qianhai's three Hong Kong-funded QFLP institutions carried out a pilot program for total volume management, with a total quota of US$900 million. The first batch of cross-border spot commodity trading RMB-denominated settlement business was carried out, with a cumulative transaction settlement amount of 61.6 billion yuan.

The first batch of cross-border fund pool policy systems for multinational corporations that integrate domestic and foreign currencies and match high and low versions have been established, facilitating the global operations of 51 multinational corporations in Shenzhen, benefiting nearly 1,600 member companies at home and abroad, and the scale of pilot business has reached US$184.2 billion.

In terms of featured financial industries, Qianhai has been supported by the government in carrying out foreign currency rent payment business for domestic operating leases, with a total amount of US$16.813 million. China Merchants Financial Holdings Co., Ltd. has been approved as the first licensed financial holding company in the Guangdong-Hong Kong-Macao Greater Bay Area and the third in China.

In addition, the Shenzhen Branch of the People's Bank of China is also actively promoting the use of credit reporting to assist financing, helping banks develop targeted credit products, such as "Small and Micro Pass", "Individual Pass", "Technology Startup Pass" and "Green Gold Pass", to break the previous situation where banks dared not or were unwilling to lend.

Do a good job in the "five major articles" of finance

In the first half of 2024, Shenzhen's financial industry will make every effort to do a good job in the "five major articles" of finance, and strongly support the high-quality development of Shenzhen's economy with high-quality financial development.

First, Shenzhen's financial industry focuses on the financing needs of technology-based enterprises throughout their life cycle, promoting a virtuous cycle of "technology-industry-finance". As of July 19, 14 banks in Shenzhen have signed "Tengfei Loans" with 33 enterprises, with a total contract amount of 810 million yuan and a total loan amount of 720 million yuan. As of the end of May 2024, the loan balance of Shenzhen's high-tech enterprises was 1.01 trillion yuan, a year-on-year increase of 17.4%.

Secondly, Shenzhen actively develops green finance to support Shenzhen's green and low-carbon development. As of the end of June 2024, 16 banks in the city have issued a total of 15.943 billion yuan in carbon reduction loans with the support of carbon reduction tools, which is expected to drive an annual carbon reduction of 3.5555 million tons. The city's green loan balance is 1.06 trillion yuan, a year-on-year increase of 28.4%.

Third, the balance of inclusive small and micro loans exceeded 2 trillion yuan in all cities across the country, effectively supporting the private economy and small, medium and micro enterprises. As of the end of June 2024, the city's inclusive small and micro loan balance was 2.02 trillion yuan. From January to June, the weighted average interest rate of newly issued inclusive small and micro loans in the city fell by 0.47 percentage points year-on-year. As of the end of June 2024, the city's private economy loan balance was 4.23 trillion yuan.

Fourth, we will improve the level of financial services for the elderly and promote the development of the silver economy. A total of 1.21 million elderly cards have been issued to the elderly.

Fifth, digital finance empowers Shenzhen's economic development. As of the end of June 2024, Shenzhen local credit reporting platforms and other institutions will be guided to launch 51 credit reporting products, serving more than 500,000 enterprises and facilitating enterprises to obtain financing of 485.8 billion yuan. Further enrich the pilot application model of digital RMB in the field of prepaid operations and improve the application level of smart contracts. As of the end of June 2024, Shenzhen's operating institutions have signed contracts with 2,120 institutions, connected to 1,506 institutions, served 216,000 customers, and managed a total of 350 million yuan in funds. At the same time, steadily carry out cross-border applications of digital RMB, actively participate in the pilot of multilateral central bank digital currency bridge projects, and explore more diverse cross-border funds settlement channels. And continue to improve the digital RMB hard wallet service system.

Editor: Joey

Audit: Wooden Fish

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