BEIJING, May 30 (Xinhua) -- In a promising development for the Chinese economy, technology-oriented small and medium-sized enterprises (SMEs) experienced enhanced loan support during the first quarter of this year, according to recent data released by the People's Bank of China (PBOC). This increase in lending is indicative of a broader trend aimed at bolstering innovation and growth within the high-tech sector.

By the end of the first quarter, nearly half of the tech SMEs, precisely 49.6 percent, had successfully secured loans. This marks a significant rise of 3.6 percentage points from the same period last year, illustrating the growing confidence and supportive measures being extended to these crucial players in the economy.

The volume of outstanding loans extended to tech SMEs in both local and foreign currencies reached an impressive 3.33 trillion yuan, approximately 463 billion U.S. dollars. This represents a striking year-on-year increase of 24 percent, markedly surpassing the overall loan growth by 17.1 percentage points, signaling a robust commitment to funding innovation.

Moreover, the PBOC report highlighted a particular uptick in credit support for high-tech firms. Outstanding loans to these companies also reflected strong growth, rising 8.5 percent year on year, which is 1.6 percentage points above the general loan growth rate, underscoring the targeted efforts to nurture advanced industries.

In a broader context, the report indicated that green finance is gaining traction within the Chinese financial system as well. By the conclusion of the first quarter, outstanding green loans in both local and foreign currencies amounted to 40.61 trillion yuan, exhibiting a healthy increase of 9.6 percent since the beginning of the year.

Meanwhile, contrasting trends emerged in the real estate sector, where loan metrics demonstrated stabilization. Notably, the total outstanding yuan-denominated real estate loans reached 53.54 trillion yuan by the end of the first quarter, representing a modest year-on-year growth of just 0.04 percent. Loans earmarked for real estate development itself rose to 13.87 trillion yuan, marking an increase of 0.8 percent compared to the previous year.