Shelves stockpiled with goods in Huzhou, East China's Zhejiang province. [Photo/hz66.com]

Huzhou in East China's Zhejiang province has achieved a significant milestone in its financial growth, as the balance of local and foreign currency loans exceeded 1 trillion yuan ($140.21 billion) by the end of May, according to the latest statistics from the Huzhou branch of People's Bank of China.

This economic achievement will provide robust financial support for high-quality economic and social development in the region.

The balance of loans reached 1.0022 trillion yuan, a year-on-year increase of 24.06 percent, surpassing the provincial average by 9.7 percentage points and earning the city the highest growth rate in the province.

The loan scale has doubled compared to the end of 2019, with the city adding 122.4 billion yuan in loans from January to May, an increase of 349 billion yuan year-on-year and a historic high for the same period.

At the end of May, Huzhou's total deposit and loan scale was 1.92 trillion yuan, which represents a year-on-year increase of 23.21 percent, ranking first in the province.

Furthermore, the structure of credit in the city has been continuously optimized, with a slight decline in loan interest rates, which will continue to benefit the real economy while ensuring stable growth of the deposit and loan scale.