The balance of local and foreign loans in Shanghai stood at 7.98 trillion yuan (about 1.14 trillion U.S. dollars) at the end of 2019, up 9 percent year on year, official data showed.

But the growth rate was 2.9 percentage points lower than the national loan growth in the previous year, according to the Shanghai Head Office of the People's Bank of China.

The balance of RMB loans was 7.38 trillion yuan at the end of 2019, up 9.3 percent year on year, but the growth rate was 1.1 percentage points lower than the same period in the previous year.

New RMB loans stood at 529.8 billion yuan in 2019, 100.5 billion yuan less from the previous year.

At the end of the 2019, the balance of foreign currency loans was 86.3 billion U.S. dollars, up 3.8 percent year on year.

New foreign currency loans stood at 3.1 billion U.S. dollars in 2019.