A taxpayer from Huzhou receives instructions on how to pay taxes online. [Photo/WeChat account:huzhoufabu]

Banks in Huzhou, East China's Zhejiang province issued 109.98 billion yuan ($16.92 billion) in loans in 2020, according to local media reports.

It was the first time for the city to issue loans with a combined value of more than 100 billion within a year.

In addition, the city's social financing rose by 196.8 billion yuan last year, hitting a record high.

As of the end of December 2020, the balance of domestic and foreign currency loans in the city stood at 594 billion yuan, up 22.7 percent year-on-year, 4.8 percent higher than the provincial average.

The local government has sustained its efforts to reduce financing costs for enterprises.

In 2020, it cut financing costs for enterprises by 840 million yuan. As of December of last year, the city's weighted average interest rate of loans for enterprises reached 4.96 percent, 0.36 percent lower than the beginning of last year. 

Local authorities pledged that more financial support will be in place to bolster the manufacturing sector, foreign trade, and rural revitalization.