For monetary policy, in 2020, a total of RMB19.6 trillion of new loans were extended, up 12.8%, and aggregate financing grew by RMB 35 trillion or 13.3%, which is rarely seen across the world.
By lowering interest rates on loans and reducing service charges, the financial sector injected RMB 1.5 trillion to the real economy last year.For fiscal policy, in 2020, China cut taxes and fees by over RMB2.5 trillion for businesses and residents.