Shanghai's foreign-invested banks maintain good momentum
The total assets of Shanghai's foreign-invested banks amounted to 1.53 trillion yuan ($221.8 billion) in the first half of 2018, a year-on-year increase of 12.6 percent, according to data released by the Shanghai Banking Regulatory Bureau on Aug 6.
The loan balance of these foreign-invested banks totaled 447.3 billion yuan, up by 5 percent year on year, and their deposit balance reached 631 billion yuan, rising 4.4 percent year on year. The non-performing loan ratio was 0.39 percent, down by 0.12 percentage points.
This data indicates that foreign-invested banks have maintained a good momentum in the first half of 2018.
Despite the promising statistics, officials at the Shanghai Banking Regulatory Bureau are still encouraging the foreign-invested banks to grasp the opportunities brought by China's strategy of further expanding its opening up this year.
They think that the banks should fully use their own resources, expand businesses in China, and strengthen cooperation with Chinese banks in order to participate more deeply in China's financial market.
The foreign-invested banks are also expected to support the construction of Shanghai as an international financial center, and help the city build up its "four brands of Shanghai"- services, manufacturing, shopping and culture.
Lujiazui, a financial hub in Pudong, Shanghai, is home to many foreign-invested banks. [Photo/IC]