The balance of domestic and foreign currency deposits in Taizhou, East China's Zhejiang province amounted to 1.52 trillion yuan ($220.57 billion) at the end of March, an increase of 18.45 percent year-on-year, according to official data.

Meanwhile, the balance of domestic and foreign currency loans in the city was around 1.5 trillion yuan, 32.83 billion yuan more than the same period in 2022.

The uptick in the balance of deposits has reflected the stable growth of local residents' incomes, a key factor behind consumption upgrading, and indicates the adequate capital flow of some market entities in the city, noted experts, who also pointed out that the recovery of investment vitality due to the optimized business climate earlier this year is the prime reason behind the growth of loans.

The city's huge investment in infrastructure construction in the first three months of this year has been another factor.

"Infrastructure development, which requires a large amount of investment, will not only drive enterprises to expand production, but also help the city increase employment and revive consumer demand," said an employee at a local bank.