Many consumers in mainland China reported on the morning of November 16 that attempted money transfers were unsuccessful when using the mobile app of China Construction Bank, one of the country’s “big four” banks, triggering extensive social media discussion.
Customer service representatives of China Construction Bank (CCB) subsequently responded that the system had failed sometime after 9:30 am that day, and that it was unable to handle various accounting and non-accounting transactions. Due to a sudden increase in transactions, short-term failures for individual customers were caused during the recovery period. The situation didn’t last long, however, and as of 2:00 pm Beijing time, the system had returned to normal.
CCB’s Q3 report showed that as of September 30, the total loans and advances issued by the state-owned commercial band were 20.92 trillion yuan ($2.96 trillion), an increase of 11.25% from the end of last year.
At the same time, CCB optimized its resource allocation structure, focused on key areas and weak links of the national economy, and increased the precision of credit supply. As of the end of September of this year, the bank’s loan balance in the manufacturing sector was 2.2 trillion yuan, an increase of 32% over the end of the previous year. The balance of loans in the infrastructure sector was 5.66 trillion yuan, an increase of nearly 580 billion yuan over the end of the previous year. The bank promoted comprehensive financial services for science and technology enterprises, and in the first three quarters, it granted loans of over 1.7 trillion yuan to over 62,000 tech enterprises.
In addition, the bank has comprehensively assisted in rural revitalization efforts. As of the end of September, the balance of agriculture-related loans of the bank was 2.9 trillion yuan, an increase of 453.5 billion yuan from the end of last year. It also increased credit supply for “Inclusive Financing” and expanded customer service coverage. During the reporting period, the bank’s loan balance of Inclusive Financing was 2.29 trillion yuan, an increase of 418.504 billion yuan from the end of the previous year. There were 2,431,900 loan customers using this service, an increase of 495,200 compared with the end of last year.