China Publishes 2023 Almanac of Finance and Banking Amid Economic Concerns

China's 38th Almanac of China's Finance and Banking has been published, providing insights into the country's financial industry. The publication comes amid concerns about China's economic growth, with the country targeting 5% growth for 2024.

author-image
Aqsa Younas Rana
New Update
China Publishes 2023 Almanac of Finance and Banking Amid Economic Concerns

China Publishes 2023 Almanac of Finance and Banking Amid Economic Concerns

The new, release, reveals, financial, world 2023 Almanac of China's Finance and Banking (ACFB) has been published, marking its 38th volume since its inception in 1986. As the earliest comprehensive financial almanac in China, it systematically records the reform, opening up, and development of the country's financial industry. The publication comes amid concerns about China's economic growth, with the country setting a target of around 5% for 2024.

Why this matters: The ACFB provides valuable insights into China's financial industry, which is crucial for understanding the country's economic trajectory and its impact on the global economy. As China navigates economic challenges, the almanac's data and analysis will inform policymakers and industry professionals, shaping decisions that can have far-reaching consequences for the world economy.

The ACFB covers the entire financial sector, including banking, securities, and insurance. It compiles authoritative statistical data and information, specifics on policies, regulations, and major events, and detailed records of annual key initiatives and progress across different sectors within the financial industry. The almanac is compiled under the supervision of the People's Bank of China (PBC), the country's central bank, and produced by the China Society for Finance and Banking.

The central bank has pledged to ensure reasonably ample liquidity and credit expansion to consolidate the country's economic recovery. However, bank, loans in China fell more than expected in April, with Chinese banks extending 730 billion yuan ($101 billion) in new yuan loans, down sharply from 3.09 trillion yuan in March. Broad credit growth also hit a record low, with the annual growth of outstanding total social financing (TSF) slowing to 8.3% in April.

"New loans, social financing, and M2 money supply slowed down more than expected in April, mainly due to seasonal factors, sluggish real estate market, and lagging government bond issuance," said Zhou Maohua, an analyst at Everbright Bank. "The performance of new loans and bill financing in April shows the overall demand for financing from the real economy is relatively weak."

China's economic growth rate in the first quarter was 5.3%, higher than the full-year target. However, the recovery has shown signs of losing steam, with major economic indicators, including industrial output and retail sales, missing expectations in April. The country's top leaders recently pledged to step up policy support to stabilize the economy and boost market content.

The 2023 Almanac of China's Finance and Banking serves as a valuable resource for understanding the development and achievements of China's financial industry. As the country navigates economic challenges and pursues financial reforms, the almanac provides a comprehensive record of the key initiatives, policies, and progress made in the sector. With China setting its sights on a 5% growth target for 2024, the insights and data compiled in the ACFB will be crucial for policymakers, industry professionals, and researchers in assessing the state of the financial industry and charting its future .

Key Takeaways

  • China's 2023 Almanac of Finance and Banking (ACFB) published, marking its 38th volume.
  • ACFB provides valuable insights into China's financial industry, crucial for understanding economic trajectory.
  • China's bank loans fell more than expected in April, with new yuan loans down to 730 billion yuan.
  • China's economic growth rate in Q1 was 5.3%, but recovery shows signs of losing steam.
  • ACFB serves as a valuable resource for understanding China's financial industry and its future development.