Agricultural Bank of China ups support for manufacturing sector

BEIJING - The Agricultural Bank of China, one of the country's largest commercial lenders, has scaled up support for the manufacturing sector.

As of the end of March, the bank's outstanding loans to the manufacturing sector exceeded 2.69 trillion yuan ($388.42 billion), according to the bank.

Newly-added loans to the manufacturing industry stood at over 390 billion yuan at the end of the first quarter (Q1), data from the lender showed.

As of the end of Q1, loans issued to emerging industries of strategic importance increased more than 430 billion yuan. Meanwhile, outstanding loans to specialized and innovative firms topped 200 billion yuan for the first time.

The lender has also ratcheted up support for low-carbon development, with its green loans reaching over 3 trillion yuan by the end of March.