ICBC commits to helping stabilize Chinese economy

The Industrial and Commercial Bank of China said it will step up counter-cyclical credit issuance in the second half of this year to help stabilize the Chinese economy and further promote the high-quality development of the bank.

"The ICBC will see a higher increase in its credit issuance year-on-year in the second half and for the full year of 2022. At the same time, it will also optimize its credit structure and highlight key areas of credit support," said Liao Lin, president of the largest State-owned commercial lender in China.

The bank will step up corporate lending, provide ancillary financing of major infrastructure projects and give better support to key areas of the economy such as the manufacturing sector, tech startups, green finance and inclusive finance. These actions are to strengthen efforts to consolidate China's economic recovery, said Liao at a news conference announcing the bank's 2022 interim results on Tuesday.

At the end of June, the bank's domestic renminbi-denominated loans increased by 1.61 trillion yuan ($233.34 billion) from the end of last year, and the increment was 346.5 billion yuan greater year-on-year.

Liao said the bank optimized its credit structure by focusing on key areas and weak links of the real economy. As of the end of June, the balance of its loans to the manufacturing sector went up 29 percent, or 628.1 billion yuan, from the end of last year. The balance of its green loans reached 3.5 trillion yuan, increasing by 694.7 billion yuan from the beginning of this year. The balance of its inclusive loans also grew by 27.4 percent from the beginning of the year, according to its 2022 interim results announcement.

jiangxueqing@chinadaily.com.cn