The improvement in the credit structure is playing a vital role in facilitating the transformation of the economy, as indicated by central bank data released on Wednesday.
In April, inclusive loans to micro and small businesses, and medium- and long-term loans in the manufacturing industry increased by 11.9 percent and 8.5 percent year on year, respectively, both higher than the average growth rate of various loans in the same period.
Data shows that the allocation of new credit has changed significantly, with an improved existing credit structure.
In terms of businesses and households, since the beginning of 2021, the share of corporate loans has risen from about 63 percent to around 68 percent, while the share of household loans has fallen from about 37 percent to about 32 percent.
This shift shows that more credit is being directed towards real enterprises, and the decline in household financing demand is connected to more rational approach to home buying and investments.
In terms of enterprises, since the beginning of 2021, the share of loans to small and micro enterprises has increased from about 31 percent to around 38 percent, while the share of loans to large and medium-sized enterprises has decreased from approximately 69 percent to about 62 percent.
"This is partly due to the significant impact of inclusive loans to micro and small businesses, which have effectively supported businesses and benefited the public. Additionally, the development of direct financing, such as bonds, in recent years, and the growing diversification of financing options for large enterprises also contribute to this. The continued deepening of financial market development has also improved the financing match for different types of businesses," said Dong Ximiao, chief researcher of the Merchants Union Consumer Finance Co., Ltd.
Additionally, by industry, since the beginning of 2021, the share of manufacturing in total medium- and long-term loans has increased from 5.1 percent to around 9.3 percent. The share for consumer-related industries has risen from 9.6 percent to about 11.2 percent, while the share for traditional real estate and construction has decreased from 15.9 percent to around 13 percent.
Financial institutions are increasingly directing credit resources towards the manufacturing and technology innovation sectors, while also enhancing financial support for key service industries like accommodation, dining, cultural and recreational activities, and education and training. As a result, the share of loans to these sectors has significantly increased.
Improving credit structure facilitates transformation of Chinese economy
The Guangdong–Hong Kong–Macao Greater Bay Area (GBA) is emerging as a key engine for China's fast-growing low-altitude economy by leveraging its dense industrial networks, efficient logistics systems, and rapid innovation capacity.
From logistics and manufacturing to urban services, the region is building an integrated industrial chain that allows low-altitude industries to scale up at unprecedented speed, thus turning drone-based applications from isolated trials into large-scale, commercial operations.
China's 15th Five-Year Plan, covering 2026 to 2030, calls for the cultivation of new pillar industries and the accelerated development of strategic emerging industrial clusters, including the low-altitude economy.
At a drone operations center in Bao'an District, Shenzhen City in south China's Guangdong Province, a dozen logistics drones take off and land within minutes. Urgently needed production parts, documents, and small parcels are dispatched from here to cities in the province including Dongguan, Zhongshan, and Zhuhai.
Behind these high-flying aircraft lies what observers describe as an "invisible industrial chain", built on speed and efficiency.
"Look at this aircraft. About 90 percent of its components come from nearby areas. Relying on Shenzhen's strong logistics capabilities and its complete supply chain, these parts can be delivered to our factory within half an hour for assembly, processing, and production," said Li Kunhuang, person-in-charge of Shenzhen GODO Innovation Technology Co., Ltd.
Once a new product is unveiled, testing and calibration begin immediately at the drone testing field. As soon as the process is completed, the new models can be put into real-world operation, realizing almost “zero delay” from research and development to application.
Supported by a robust industrial chain, low-altitude routes in Shenzhen are effectively connecting the urban landscape. From its Bao'an District to Songshan Lake in Dongguan City, production components can be delivered within one hour. Supplies are transported between Zhuhai City's Xiangzhou Port to Dong'ao Island in just 25 minutes. And light industrial goods can travel round-trip within a single day between Guzhen Town in Zhongshan City and Xinhui District in Jiangmen City.
More low-altitude application scenarios are expected to be implemented in the near future.
In Qianhai District, Shenzhen is accelerating the construction of a pilot demonstration zone of low-altitude integrated three-dimensional transportation hub.
"We have built the country's first low-altitude integrated three-dimensional transportation hub, and are gradually developing a pilot flight zone that integrates multiple scenarios such as inspection, logistics, and cultural tourism. This will provide technical support for the next step of commercializing cross-border logistics and emergency rescue services across the Guangdong–Hong Kong–Macao Greater Bay Area," said Wu Xuemin, head of the Shenzhen Qianhai Low-Altitude Integrated Three-Dimensional Transportation Hub Pilot Demonstration Zone.
Integrated supply chains propel Greater Bay Area's low-altitude economy growth
Integrated supply chains propel Greater Bay Area's low-altitude economy growth
