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China's big 5 banks back economic growth

China's Big Five banks have joined other state-owned financial institutions in supporting the country's economic growth. China Construction Bank said it intends to invest CNY30bn to establish a residential leasing fund to explore a new model of rental and purchase real estate development. Bank of China said it had taken 42 supportive measures in eight areas to support troubled entities. The Industrial and Commercial Bank of China said that it has disbursed more than CNY5tr in new investment financing in the first three quarters to help stabilise the economy. Bank of Communications also pointed out that it served the real economy by increasing financial supply and optimising the credit structure. Agricultural Bank of China said that it offered more than CNY900bn in new loans in key areas such as the production and supply of agricultural products, rural industries, and rural construction.

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