The balance of local and foreign currency loans in Ningbo, Zhejiang province, amounted to 3.81 trillion yuan ($531.41 billion) by the end of 2023, as per the latest data released by the Ningbo branch of the People's Bank of China.

This figure represents a yearly uptick of 15.6 percent, amounting to a rise of 514.69 billion yuan compared to the beginning of 2023.

Of the 3.81 trillion yuan, loans to the manufacturing sector totaled 697.81 billion yuan, marking a 17.7 percent year-on-year increase. This proportion of the city's total loans ranked high nationwide, underscoring the sustained financial support provided by the local government to the real economy.

It is also noteworthy that the balance of medium and long-term loans to the manufacturing industry recorded a substantial 44.4 percent year-on-year increase. Both the balance and increment of policy financing guarantees maintained their leading positions in Zhejiang.

Additionally, Ningbo's inclusive loans to micro and small-sized businesses experienced robust growth. By the end of last year, the balance of inclusive small and micro loans in the city reached 652.76 billion yuan, up by 32.9 percent year-on-year.

At the same time, Ningbo's balance of local and foreign currency deposits expanded by 8.9 percent year-on-year to 3.41 trillion yuan as of 2023.