China's Credit Cooperatives Grant More Loans

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Last updated at: (Beijing Time) Tuesday, July 16, 2002

China's Credit Cooperatives Grant More Loans

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Statistics released Monday by the People's Bank of China show that at the end of June, outstanding loans from rural credit cooperatives reached 1.36 trillion yuan (about 187 billion US dollars), an increase of 160.8 billion yuan (about 22.12 billion dollars) or 13.4 percent since the beginning of the year.

The increase in loans granted by cooperatives accounted for 19.4 percent of the total increase in loans granted by all financial institutions, according to statistics.

At the same time, deposits in rural credit cooperatives reached1.87 trillion yuan (about 256.9 billion dollars), up eight percentfrom the beginning of the year.

Agricultural loans by rural credit cooperatives have climbed sharply, with the largest share going to farming households. By the end of June, agricultural loans by rural credit cooperatives increased to 551.1 billion yuan (about 75.8 billion dollars), up 25 percent.

Statistics show that for the first time outstanding agricultural loans have exceeded rural industrial and commercial loans.

In the first half of this year, rural credit cooperatives maintained their momentum in the lowering of non-performing loans.During the period, the aggregate non-performing loans of rural credit cooperatives dropped by 10.1 billion yuan (about 1.39 billion dollars), or six percent.

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