MNI BRIEF: NFRA To Promote Credit Expansion, Unblock Funds
China’s top financial regulator said it will guide banking institutions to increase credit supply, optimize credit structure and unblock funds into the real economy, while meeting reasonable real estate financing demands.
Liu Zhiqing, spokesman of the National Financial Regulatory Administration said at a press conference on Thursday that financial resources will be tilted towards supporting the development of technology, green, SMEs, elderly care and digital economy.
The NFRA will also maintain the overall stability of real estate loans and meet reasonable financing needs, said Xiao Yuanqi, deputy director of NFRA. Municipal governments will take the lead to provide financial institutions within the region a list of real estate projects capable of receiving financing support, said Xiao. In 2023, a total of CNY3 trillion developers’ loans and CNY6.4 trillion housing mortgages were issued, with the balances of the two reaching CNY12.3 trillion and CNY38.8 trillion, respectively, according to Xiao.