The report shows: China's banking industry's trade finance business is steadily growing

The "China Trade Finance Industry Development Report" recently released by the China Banking Association states that, with a solid development foundation and strong policy support, the trade finance business of China's banking industry has generally maintained a steady growth trend. The report shows that in 2024, the international settlement volume of the banking industry will reach USD 12.75 trillion, and the domestic letter of credit settlement volume will be RMB 3.62 trillion, representing year-on-year growth of 10.35% and 17.89%, respectively, both hitting historical highs. The international trade financing business volume is USD 488.475 billion, slightly down from the previous year, while the domestic trade financing business volume is RMB 4.66 trillion, a year-on-year increase of 16.35%. The international factoring business volume is USD 13.318 billion, marking the first year-on-year decline in nearly three years, while the domestic factoring business volume has exceeded RMB 4 trillion, with a year-on-year growth of 17.03%, still being the main growth point for the banking industry's factoring business