Our response has strengthened international cooperation and instilled confidence that together we can secure the financial stability of the world and achieve sustainable economic growth. Towards this objective, a number of significant and concrete steps have been taken, an important one being the substantial strengthening of the Fund, including refinements in its surveillance, the expansion of resources and the improvement of lending facilities.
On the other hand, credit growth of universal and commercial banks decelerated by 2.4 percent year-on-year as of January 2021 as banks tightened their overall credit standards for both loans to enterprises and households. Non-performing loans and non-performing assets ratios rose to 3.6 percent and 2.6 percent, respectively, in December 2020.