China’s yuan-denominated loans rose by 13.53 trillion yuan (about 1.89 trillion U.S. dollars) in the first seven months of this year, central bank data showed on Tuesday.
According to the People’s Bank of China, the M2 — a broad measure of the money supply that includes cash in circulation and all deposits — rose 6.3 percent year on year to 303.31 trillion yuan (about 42.33 trillion U.S. dollars) at the end of July.
The M1, which covers cash in circulation plus demand deposits, stood at 63.23 trillion yuan (about 8.82 trillion U.S. dollars) at the end of July, down 6.6 percent from the previous year.
According to preliminary statistics, the social financing scale increased to 18.87 trillion yuan (about 2.63 trillion U.S. dollars) in the first seven months, a decrease of 3.22 trillion yuan (about 449 billion U.S. dollars) compared to the same period last year.
At the end of July, outstanding yuan loans totaled 251.11 trillion yuan (about 35.04 trillion U.S. dollars), an increase of 8.7 percent year on year.
China’s yuan loans grow by 13.53 trillion yuan in Jan-July: central bank
The 2024 World Youth Development Forum opened in Beijing on Monday, coinciding with the International Youth Day, with over 2,000 young people from more than 130 countries and 20 international organizations brought together online or in person to discuss major global issues.
More than 500 young leaders and youth representatives gathered for the forum’s opening ceremony and plenary meeting. In the coming days, the attendees will visit other Chinese cities, including Nanning in the south and Hangzhou in the east, where they will engage in discussions on green development, digital innovation, cultural heritage, and youth-oriented urban development.
At the opening ceremony, United Nations Deputy Secretary-General Amina Mohammed, in a video message, emphasized that young people are the driving force behind the 2030 Agenda for Sustainable Development and urged efforts to amplify their voices and empower them through education and skills.
“I’m so excited, I’m so happy, because I met a lot of people here,” said Muhamad Solahudin Al Ayubi, founder of Sakola Kita, an Indonesian youth-led initiative focused on inclusive empowerment and quality education at both national and international levels.
“Amazing, there are so many nice people, so much cool stuff happening,” said Christian Bogelund, curator of Global Shapers Copenhagen, an initiative of the World Economic Forum, created to empower young leaders and give them access to decision makers.
The World Youth Development Forum, a major initiative announced by Chinese President Xi Jinping in 2022, offers a unique platform for vibrant, energetic young voices. During Monday’s opening ceremony, the attendees engaged in discussions with high-level international officials and U.N. representatives.
As a key supporter of the event, the U.N. views youth as essential in achieving Sustainable Development Goals (SDGs).
“We are not going to be able to solve the issues of today without bringing young voices to the table. We are not going to be able to solve the challenges for our grandchildren with a system that was designed for our grandparents,” said Felipe Paullier, United Nations Assistant Secretary General for Youth Affairs.
A proposal from young people for the upcoming U.N. Summit of the Future was released at the event, alongside the launch of an international cooperation program on youth skills and entrepreneurship training.
“I am very interested in having young people get their first chance into entrepreneurship. Young people can do much more than we think. And we just need to give them a chance to try things out,” said Bogelund.
“I’m particularly interested in SDG Point 4, the quality of education. I see that quality of education is something that should be given to all human beings,” said Al Ayubi.
The World Youth Development Forum, themed “Together for a Better Future,” aims to harness youth power to implement the United Nations’ 2030 Agenda for Sustainable Development and the Global Development Initiative.
The forum will run until Aug 17, with collected opinions from the youth to be presented at the U.N. Summit of the Future in September, ensuring that their voices are not only heard but also have a tangible impact.
2024 World Youth Development Forum brings together global youth to share views on major issues
