New Chinese measures to address global economic crisis

China’s efforts to escape the likelihood of economic crisis following the violent shake-up of the United States banking system are still under way, coinciding with expectations
of significant growth for Beijing’s economy.

China’s Everbright Bank announced more credit support for China’s economy in 2023, in order to increase stability in the country, following the strong blows to the global economy.

The Bank said that this year 2023 will increase credit support for key areas of China’s economy, including advanced industrialization, scientific and technological innovation, green finance and inclusive finance, to ensure stability in China’s economy.

The bank’s total loans amounted to 3.57 trillion yuan at the end of last year, an increase of 8 percent from the start of 2022.

The lender’s outstanding medium- and long-term loans to the manufacturing sector hit 193.6 billion yuan at the end of 2022, up 40.7 percent from a year ago, while outstanding loans to small and micro enterprises reached 305.3 billion yuan.

The bank’s net profits totaled 45.04 billion yuan in 2022, up 3.2 percent year on year.