BEIJING — China's newly added bank loans totaled 17.9 trillion yuan (about $2.8 trillion) in the first 10 months of 2021, up 78.3 billion yuan year-on-year, according to the China Banking and Insurance Regulatory Commission.

The reasonable and abundant supply of funds effectively met the reasonable financing demand of the real economy, a commission spokesperson said on Nov 19.

During the period, new loans to the manufacturing industry reached 2.3 trillion yuan, exceeding the total seen over 2020.

Inclusive loans to micro and small enterprises increased 3.2 trillion yuan, up 24.6 percent year-on-year, at a pace 9.7 percentage points faster than the average increase of bank loans.

New loans to private businesses stood at 5 trillion yuan, accounting for 53.5 percent of total new loans to enterprises, according to the commission.