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The Pingdingshan Municipal Government will focus on the development of finance, according to an official from the Pingdingshan branch of the People’s Bank of China.
They will focus on improving the regional financial environment and actively promoting the financial regulation system to improve the quality of service.
The financial report shows growth in deposits. As of the end of 2009, RMB deposits in Pingdingshan financial institutions reached 97.48 billion yuan, higher than last year with an increase of nearly 97.6 percent, while RMB loans amounted to 55.78 billion yuan, a year-on-year growth rate of 122.2 percent.
More credit support for economic structural adjustment will be given by financial institutions in Pingdingshan. They will hold a cooperation consulting conference between banks and small and medium enterprises (SMEs) and recommend priority projects. Meanwhile, they will also set up an SME credit department to provide financial support. At the end of 2009, RMB loans for SMEs reached 14.56 billion yuan, more than 26 percent of all RMB loans.
Also, more credit support will be given to students. Many financial institutions will go into the student loan business, expand the distribution range and shorten the repayment period.
They will also firmly establish the sense of service. By the end of 2009, more than 37.6 million credit cards had been issued and the number of transactions reached 16.1 million.
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