(ECNS) -- Beijing Banking Regulatory Bureau is pushing forward efforts to set up Zhongguancun Bank, as revealed at a press conference held in the capital on Thursday.
Xiao Ying, a spokesperson for the bureau, said there are over 10 bodies from the private sector capable of assisting the launch.
According to Xiao, Zhongguancun National Demonstration Zone was in April included into China's first batch of pilot zones for a new investment and lending program, with Bank of Beijing selected as pilot operator.
At the end of the first quarter, there were three branches and nearly 100 special institutions in Zhongguancun, China's equivalent to Silicon Valley. From early 2015 to the end of March, bank outlets in Zhongguancun lent a total of 454.3 billion yuan ($68.99 billion) to 6,876 high-tech companies based in the demonstration zone, with the loan balance at 309.3 billion yuan at the end of the first quarter.
During this time, Beijing's banking sector saw assets total 19.01 trillion yuan, accounting for nearly one tenth of China's total. While lending stood at 7.32 trillion yuan and deposits hit 12.69 trillion yuan at the end of March, non-performing loans (NPL) reached 50.29 billion yuan, the NPL ratio being 0.69 percent, far lower than the country's average.
The regulator said the city's banking industry would further step up support for companies' overseas endeavors as well as projects under the Belt and Road initiative.
