Agricultural Bank of China enhances loan support for manufacturing sector

Staff members work on an assembly line at carmaker ZXAUTO in Rizhao Hi-Tech Industrial Development Zone of Rizhao City, east China's Shandong Province, June 29, 2023. (Xinhua/Guo Xulei)

BEIJING, July 9 (Xinhua) -- The Agricultural Bank of China, one of the country's largest commercial lenders, has scaled up support for the manufacturing sector.

By the end of May, the bank's outstanding loans to the manufacturing sector exceeded 2.8 trillion yuan (about 388.6 billion U.S. dollars), according to the bank.

Newly-added loans to the manufacturing industry during this period is 1.5 times that of the same period last year, data from the lender showed.

Amid efforts to promote high-end, intelligent and green development of the manufacturing sector, loans issued to high-tech manufacturing industries increased by over 34 percent from the beginning of the year, according to the bank. ■