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Shanghai Banks Report 200 Percent Increase in Business
The bank sector in Shanghai, the leading commercial and trade center of China, recorded around 200 percent growth in savings and loans in the first half of this year.
The total savings in banks in Shanghai reached 91.85 billion (11 billion U.S. dollars), up 60 billion yuan (7.2 billion U.S. dollars) or 186 percent from the same period of the last year, according to the Shanghai Branch of the People's Bank of China.
Loans extended during the period reached 55.14 billion yuan (6.64 billion US dollars), up 266 percent.
Analysts attributed the loan increase to rising demands for medium and long-term loans as investment in infrastructure and technological innovations is seeing strong growth.
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