Taizhou city's financial sector has growth, strategic focus

On the move: A panoramic view of Taizhou. [Photo/WeChat ID: tzfabu]

The financial sector of Taizhou city in East China's Jiangsu province started the year with gusto, maintaining stability and steady growth, according to statistics recently released by the Taizhou branch of the People's Bank of China.

In the first quarter, Taizhou's loans totaled 1,115.44 billion yuan ($159.78 billion), up 15 percent on the previous corresponding period, topping the provincial average by 2.49 percentage points.

In the same period, deposits reached 1,242.57 billion yuan, showing a growth rate of 10.97 percent in Q1.

During the first three months of the year, deposits and loans increased by 125.25 billion yuan and 86.89 billion yuan respectively.

Taizhou's financial industry is understood to be focusing on improving services for the real economy.

To move things along, the Taizhou branch of the People's Bank of China has organized coordination meetings to align government policies with financial institutions and enterprises.

They're particularly targeting sectors like technology, green initiatives and support for private businesses and rural development.

What's more, Taizhou is also investing in major projects across various industries, including marine equipment, high-tech ships, automotive parts and healthcare. They've announced 138 major projects to drive growth forwards.

Adding to the momentum, structural indicators for financial services to the real economy are improving. By the first quarter's end, loans to manufacturing rose by 17.28 percent year-on-year and to private enterprises by 12.85 percent, up by 2.42 and 2.29 percentage points respectively.

In Q1, Taizhou also experienced a 21.19 percent surge in micro and small loans and a 21.36 percent rise in agricultural loans.