BEIJING — China's new yuan-denominated loans in the banking sector hit 17 trillion yuan (about $2.45 trillion) in 2019, a year-on-year rise of 1.1 trillion yuan, said an official with China's top banking and insurance regulator on Jan 13.

The bank and insurance institutions increased financial support in key areas and weak links in economic development under downward pressure, Zhu Shumin, vice-chairman of the China Banking and Insurance Regulatory Commission, told a press conference.

By the end of 2019, banking loans to the manufacturing and infrastructure industry increased by 780 billion yuan and 2.8 trillion yuan respectively compared with the beginning of last year.

Outstanding loans to small and micro firms grew 25 percent year-on-year to hit 11.6 trillion yuan at the end of 2019.

The commission will further improve policies to serve the real economy, alleviate the financing problems of small and micro firms and strengthen financial services for manufacturing enterprises and social services fields, Zhu added.