On October 22, the Changsha office of the People’s Bank of China announced key financial statistics for Hunan Province as of the end of September. The total balance of deposits in both Yuan and foreign currencies at financial institutions in Hunan reached 8.25 trillion yuan, marking a 7.1% increase year-on-year. Additionally, the total balance of loans from these institutions stood at 7.44 trillion yuan, reflecting an 8.4% year-on-year growth, which outpaces the national average by 0.8 percentage points.
The report indicated that in the first three quarters of this year, new Yuan deposits totaled 469.7 billion yuan. Breaking this down by sector, household deposits reached 5.11 trillion yuan, with an increase of 438.3 billion yuan. Non-financial enterprise deposits remained stable at 1.42 trillion yuan, while fiscal deposits increased by 28.8 billion yuan to 187.8 billion yuan. The growth rate of Yuan deposits has consistently risen during this period.
In terms of loans, the first three quarters saw an addition of 512.1 billion yuan. Households accounted for 2.33 trillion yuan in loans, with an increase of 41.7 billion yuan. Loans to non-financial enterprises and government agencies reached 5.06 trillion yuan, with a notable increase of 460.9 billion yuan, representing 90% of all new loans—a year-on-year increase of 5.4 percentage points. Loans from non-banking financial institutions also rose, totaling 30.3 billion yuan with an increase of 4.6 billion yuan.
The loan structure in Hunan continues to optimize, with significant growth in the manufacturing sector. By the end of September, loans to the manufacturing industry amounted to 603.6 billion yuan, a remarkable 16.7% increase year-on-year. This growth has surpassed that of overall loans for 34 consecutive months, with medium- and long-term loans to the sector rising by 17.5%, making up 72.5% of all manufacturing loans.
Loans to key sectors and previously underserved areas have also seen steady growth. By the end of September, loans to small and micro enterprises grew by 15.5% year-on-year, with new additions of 231.1 billion yuan over the first three quarters. Inclusive loans to small and micro enterprises increased by 15.1%, amounting to 99.9 billion yuan, while loans to private enterprises rose by 9.3%, adding 143.9 billion yuan. Moreover, infrastructure-related loans saw an additional 98.8 billion yuan, surpassing last year’s figures by 3.2 billion yuan.
Corporate credit loans are maintaining a strong growth trajectory as well. By the end of September, the balance of corporate credit loans in Hunan had increased by 15%, accounting for 26.1% of total enterprise loans. In the first three quarters, new credit loans totaled 137.3 billion yuan, constituting 29.6% of all new enterprise loans.
According to a spokesperson from the People’s Bank of China Hunan Branch, the primary financial indicators for the province have shown stable and reasonable growth during the first three quarters of the year, exceeding national averages and aligning well with the region’s economic growth. This favorable monetary environment is supportive of high-quality economic development in Hunan.
