According to Xiao Yuanqi, Deputy head of the State Administration for Financial Supervision and Control of the People's Republic of China, the total assets of the Chinese banking sector at the end of July amounted to 423.8 trillion yuan ($59.4 billion), an increase of 7% compared to the same period last year. Positive trends are also observed in the field of credit quality: the share of non-performing loans decreased by 8 basis points to 1.61%. The equity capital adequacy ratio of banks in the first half of the year reached 15.53%, which indicates the high strength of the industry and its ability to withstand risks, Xinhua news agency reports. Xiao Yuan qi stressed that the GUF will continue to support banks in optimizing the structure of assets and liabilities, as well as in finding new sources of profit growth to increase profitability.
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