Central Bank: Strengthening Financial Policies to Support Western Economic Development

On the 26th, the director of the Financial Markets Department of the People's Bank of China, Mu Huaipeng, said at the special ventilation meeting on the tenth anniversary of the strategy of developing the western region that the central bank will continue to intensify policy guidance and give full play to the role of financial support in the economic development of the western region. Mu Huaipeng said that the west is wide open...

On the 26th, the Director of the Financial Markets Department of the People's Bank of China, Mu Huaipeng, said at the special ventilation meeting on the tenth anniversary of the strategy for the development of the western region that the central bank will continue to increase policy guidance and give full play to the role of financial support in the economic development of the western region.
Mu Huaipeng said that since the implementation of the Western Development Strategy, finance has provided strong support for the economic development of the western region. The central bank increased the re-lending (rediscounting) quota in the western region to support financial institutions in the western region to increase credit. According to statistics, the proportion of the western region's quota in the national quota increased from 22.63% in 2004 to 27.27% at the end of June 2009. At the same time, the central bank adjusted the deposit reserve ratio and deposit and loan interest rates to rationally regulate the bank credit structure and attract capital into the west.
The central bank implemented a preferential monetary and credit policy for the western minority areas, and implemented a preferential interest rate of 2.88 percentage points lower than the normal one-year working capital loan interest rate for the national trade and national special demand commodity production loans, and actively supported the minority special needs commodities. The development of production enterprises.
At the same time, financial institutions have increased their credit to the western region. Deposits in financial institutions have grown steadily and asset quality has gradually improved.
According to statistics, the balance of local and foreign currency loans in the western region increased from 172.80 billion yuan at the end of 2000 to 67.265 billion yuan at the end of August 2009, an increase of 2.9 times. All loans in the western region maintained a steady growth momentum, and the annual growth rate exceeded the central and northeast regions. The average non-performing loan ratio of financial institutions in the western region dropped from 16.49% at the end of 2004 to 4.42% at the end of June 2009.

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