China’s banking sector assets neared 470 trillion yuan (HK$513.38 trillion) as of end-June, the largest globally, while the country’s stock and bond markets ranked second in size worldwide, according to central bank governor Pan Gongsheng on Monday.

Speaking at a press briefing held by the State Council Information Office of China, Pan said that the country’s foreign exchange reserves have remained the largest worldwide for 20 consecutive years, underscoring the nation's financial progress during the current 14th five-year plan period.

Pan added loans to technology-focused small and medium enterprises, inclusive financing for micro firms and green lending all grew at an average pace of more than 20 percent during the period, reflecting stronger support for the real economy.

China Securities Regulatory Commission chairman Wu Qing said at the same briefing that listed firms have significantly increased returns to shareholders in recent years.

Over the past five years, they have distributed 10.6 trillion yuan in dividends and buybacks, more than 80 percent higher than during the previous five-year plan and equivalent to 2.07 times the total raised through initial public offerings and refinancing over the same period, Wu said.

STAFF REPORTER

China’s banking assets top 470 trillion yuan, stock and bond markets rank second