China maintains rapid growth in inclusive loans in Q3

BEIJING -- China's inclusive finance sector maintained rapid loan expansion in the third quarter this year as the country steps up credit support for the real economy, central bank data showed.

Outstanding yuan loans for inclusive finance purposes reached 31.39 trillion yuan (about $4.38 trillion) by the end of September, up 21.6 percent year on year, according to the People's Bank of China.

In the first three quarters, new yuan-denominated loans in inclusive finance totaled 4.89 trillion yuan, an increase of 575.7 billion yuan year on year.

The outstanding loans extended to the agricultural sector grew 13.7 percent from a year ago to 48.5 trillion yuan by the end of September, while the outstanding amount of medium and long-term loans for the industrial sector increased 23.3 percent year on year to 16.08 trillion yuan.