(Yicai Global) Sept. 6 -- China is undergoing an economic transformation, and the China Banking Regulatory Commission's Jiangsu office will strengthen supervision and direct bank funds to the real economy, Liu Zhi, the office's vice director general, said at a banking industry news conference.

The balance on loans issued by Jiangsu's banking sector and held by emerging industries such as software information, biotechnology, new materials, energy conservation and environmental protection was more than USD99.35 billion (CNY650 billion), the China Securities Journal reported yesterday. By July, the balance was USD71.83 billion, 12.5 percent higher than at the beginning of this year, CBRC Jiangsu Office data show.

To adapt to development demands of the emerging industry, the Jiangsu banking industry will optimize and innovate its systems, and set up special institutions and products. Bank of Jiangsu [SHA:600919] established a green financing department and an emerging industry department to head credit services in these industries.

Bank of Jiangsu also introduced dozens of financial service products based on its independent big data platform. The bank has issued over 5,500 loans worth USD2.37 billion to more than 2,600 tech firms.

Bank of Jiangsu will take part in government industry funds and enterprise investment funds, strengthen cooperation with domestic and foreign banks, and develop a bond underwriting service to provide multiple financing channels to emerging industries.