OREANDA-NEWS. December 08, 2014. In recent years, ICBC has continued to step up its financial support of the health and pension services industry, and drive the improvement of public health and pension security levels. Statistics show that by the end of September 2014 the Bank's balance of loans granted to the domestic health and pension service industry amounted to RMB 37.7 billion with an annualized compound growth rate of 23.9% in recent three years, suggesting a notable increase in credit extensions.

According to an ICBC official, as China gradually grows into an ageing society, residents will have increasingly robust demand for healthcare and pension services. For this end, the Bank has positioned the health and pension services industry as a key sector for credit grants, and consistently boosted its financial support to the cause. In terms of financial services to the pension service sector, ICBC has supported the construction and development of a large number of public and private social pension welfare institutions with diversified products and services.

For instance, the Bank granted a project loan to Wuhan Social Welfare Institution to support its construction of a complex building, and provision of comprehensive services including nursing of the elderly, medical treatment, rehabilitation, and hospice care. In supporting private pension service institutions, the Bank provided working capital loan for Shandong Sunshine Jiayuan Pension Industry Co., Ltd. to decorate its quarters, purchase care products, equipment and properties, and supported the company to develop apartments for the elderly and related supporting facilities, carry out research on the pension industry, and engage in the wholesale and retail of supplies for the elderly. In addition to credit support, the Bank has also offered diversified financial services to shore up the operation and development of social pension service institutions.