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December 9, 2009

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Central bank's pledge on credit expansion

CHINA'S central bank yesterday said more efforts would be made to keep credit expansion at a reasonable pace after record lending to answer the government's call to rebalance economic growth.

More credit support should go to promote employment and industries of strategic importance, said Zhou Xiaochuan, governor of the People's Bank of China.

The central bank would continue to implement the moderately easy monetary policy in 2010 to ensure stable and relatively fast economic development, Zhou said.

The move was in response to the directives of the annual Central Economic Work Conference, which was concluded on Monday, agreeing to advance economic structure adjustment to lift the quality and efficiency of economic growth.

The central bank would exert more strength to beef up rural development and stimulate domestic demand, as well as enhance balance of payments and hold down potential financial risks, Zhou said.

Chinese banks lent a record 8.92 trillion yuan (US$1.31 trillion) in the first 10 months, far exceeding the government's target of 5 trillion yuan for the year, prompting fears of bad loans and unprofitable investment.


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