Record-breaking Q1: Deposits, loans in Taizhou top $14.44b

The financial sector in Taizhou city – located in East China's Jiangsu province – performed strongly in the first quarter of 2023, with both deposit and loan increments topping 100 billion yuan ($14.44 billion), a first in the city's history, according to the city branch of the People's Bank of China.

Data showed that the city's total new loans in both renminbi and foreign currency exceeded 104.87 billion yuan in the first quarter, an increase of 35.6 billion yuan compared with the same period last year.

That set an historical high for the first quarter and exceeded the amount last year by 90 percent.

Total new bank deposits in the city reached 145.78 billion yuan, an increase of 60.5 billion yuan compared with the same period last year, also setting a new high for Q1, a performance that was 1.44 times the level of last year.

According to data from the end of the first quarter, the balance of manufacturing industry loans in the city reached 122.96 billion yuan, for a year-on-year growth rate of 14.86 percent.

In the first three months, the balance increased by 12.56 billion yuan, a year-on-year increase of 2.14 billion yuan.

The balance of inclusive small and micro loans in the city reached 162.89 billion yuan in Q1, up 27.95 percent year-on-year, which was 0.55 percentage points higher than the same period last year.