The balance of deposits in local and foreign currencies in Guangzhou is 8.9 trillion yuan
On October 25th, the Financial Office of the Guangzhou Municipal Committee released information indicating that by the end of September, the city’s total deposits in both domestic and foreign currencies reached 89 trillion yuan (approximately $12.3 trillion), while the total loans stood at 81 trillion yuan, resulting in a deposit-to-loan ratio of 91.5%.
From January to September of this year, Guangzhou saw an increase of 435.55 billion yuan in loans across all currencies. Notably, long-term loans to enterprises rose by 325.96 billion yuan, accounting for 74.8% of the total increase in loans. By the end of September 2024, the city’s inclusive loan risk compensation mechanism facilitated actual loan disbursements amounting to 275.58 billion yuan across 824,000 transactions through its 30 partner banks, benefiting more than 227,000 small and micro enterprises.
Additionally, from January to September, total premium income in Guangzhou was 165.79 billion yuan, a year-on-year increase of 11.41%. The city welcomed five new publicly listed companies, bringing the total number of listed firms to 234, with cumulative financing exceeding 700 billion yuan and a total market capitalization of approximately 3 trillion yuan. Among these, 155 are A-share listed companies, which have collectively raised over 400 billion yuan.
Guangzhou is continually expanding its digital人民币 application scenarios, having implemented distinctive applications in 9 key areas concerning people’s livelihoods and 14 specific sectors. As of the end of August this year, the city established 13.41 million personal digital wallets, with a total transaction volume of 39.2 billion yuan across 118 million transactions. Moreover, the city has supported digital人民币 payments at 1.22 million merchant locations, creating a favorable environment for business and living, referred to as the “Guangzhou Model” for digital financial services.
