BEIJING - The value of loans to the manufacturing sector in China in the first quarter of 2023 was higher compared with the same period last year, official data showed on Wednesday.

New loans to the manufacturing sector reached 2.2 trillion yuan ($317.75 billion) from January to March, an increase of 381.9 billion yuan year-on-year, according to data from the China Banking and Insurance Regulatory Commission.

New loans to private enterprises hit 3.7 trillion yuan during the period, up 1 trillion yuan year-on-year, while those to small and micro-sized companies amounted to 2.3 trillion yuan, an increase of 808.8 billion yuan.

Commercial banks reaped net profits of 667.9 billion yuan in the first quarter, up 1.3 percent from a year ago, data also revealed.