Nantong's financial industry sees steady growth in first three quarters

Nantong, Jiangsu province, registered a steady growth in its financial sector in the first nine months of 2015, local authorities announced at a conference on Oct 22.

By the end of September, the city's deposit balance rose 15.06 percent year-on-year to 989.6 billion yuan ($155.6 billion), an increase ranking third among all the cities in Jiangsu. Its loan balance reached 582.8 billion yuan, a rise of 0.93 percent, which was higher than the provincial average. Its weighted average interest rate of renminbi loans fell 95.68 points to its lowest level since 2011 at 5.9 percent.

Costs of financing for local companies also dropped due to reduced charges of banking institutions. The bond financing sector totaled 21.6 billion yuan, accounting for 90.21 percent of its annual amount.

In addition, the city had 18 new companies listed on China's New Third Board, an over-the-counter market for small companies, increasing the number to 29.

To maintain the good momentum, authorities are encouraging local financial institutions to continue to increase credit loans and develop more innovative financial products as well as to lower financing costs.