Loan Balance in Chengdu-Chongqing Economic Circle Hits RMB17.7 Trillion by the end of June, Outpacing National Growth by 3 Percentage Points

Financial support has played a crucial role in accelerating the construction of the Chengdu-Chongqing Economic Circle. According to information obtained by reporters from the PBC Chongqing Municipal Branch on August 15, as of the end of June this year, the loan balance in the Chengdu-Chongqing Economic Circle reached RMB17.7 trillion, with a growth rate 3 percentage points higher than the national average. 

Since the release of the Outline of the Construction Plan for the Chengdu-Chongqing Economic Circle in October 2021, the PBC Chongqing Municipal Branch and PBC Sichuan Provincial Branch have worked in close collaboration to jointly promote the "Twin-City Initiative" in the new era of western China and vigorously support the construction of the Chengdu-Chongqing Economic Circle through the financial sector. 

In terms of institutional co-construction, the two branches have coordinated with the People's Bank of China to issue the Plan for Joint Construction of a Western China Financial Center by Chengdu and Chongqing and facilitated the issuance of the Implementation Rules for the Joint Construction of Western Financial Center Plan by the Sichuan and Chongqing governments. They have established multiple financial linkage mechanisms to support adjacent areas such as the Sichuan-Chongqing Gaozhu New Area, implemented cross-regional joint regulatory practices, and advanced a total of 129 cooperation initiatives. 

Furthermore, through bilateral coordination, several landmark reform projects have been implemented, including cross-provincial electronic tax payment and integrated domestic and foreign currency accounts. Notably, the Sichuan-Chongqing cross-provincial electronic tax payment model has been promoted nationwide, while the registered foreign debt scale has exceeded USD24.8 billion. 

In the field of public service, the two branches have jointly achieved interconnection for account verification of Type II and III personal bank accounts opened with local corporate banks in Chengdu and Chongqing, achieving a 100% success rate in account verification. They have also promoted cross-regional sharing of corporate credit information and online financing matching, facilitating credit approvals exceeding RMB410 billion for major projects and realizing financing matches of RMB46.2 billion.

Source: Chongqing Daily