Photo: Xinhua

During the 14th Five-Year Plan period (2021-25), China's financial sector achieved new milestones. As of the end of June, total assets in the country's banking industry neared 470 trillion yuan ($64.6 trillion), the largest in the world, People's Bank of China (PBC) Governor Pan Gongsheng said on Monday. 

The remarks were made during a Monday press conference held by China's State Council Information Office. China's stock and bond market ranks as the world's second largest, while its foreign exchange reserves have remained the largest globally for 20 consecutive years, Pan said.

Pan noted that China's financial system remains generally sound, financial institutions are largely healthy, and financial markets are now operating smoothly.

During the 14th Five-Year Plan period, loans to tech-based small and medium-sized enterprises, inclusive small businesses, and green projects all recorded average annual growth of over 20 percent, the central bank chief said.

Since the September 2024 meeting of the Political Bureau of the Communist Party of China Central Committee, the central bank has introduced a series of monetary and financial measures in line with central directives, effectively stabilizing market expectations, bolstering confidence, and supporting sustained economic recovery and high-quality growth, Pan said.

Global Times