BEIJING, Aug. 11 (Xinhua) -- The China Banking and Insurance Regulatory Commission said Saturday that it has encouraged banks and insurance companies to increase funding to meet the financing demand of the real economy.

Preliminary data showed that newly made yuan loans in July stood at 1.45 trillion yuan (212 billion U.S. dollars), up 623.7 billion yuan from the same period last year, the commission said in a statement on its website.

"[The commission] instructed banking and insurance institutions to have an accurate understanding of the relations between promoting economic growth and containing risks," the statement said.

It also urged the institutions to make full use of current favorable conditions including abundant liquidity and declining financing costs to raise their financing support for the real economy.