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December 4, 2009

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70% of banks confident in China's economy

ABOUT 70 percent of banks in Shanghai are optimistic about China's economy, according to a survey by the local branch of the country's banking regulator yesterday.

The figure is a rise of 18.02 percentage points from a quarter ago, the Shanghai Bureau of the China Banking Regulatory Commission said yesterday, quoting the survey made in the third quarter.

More banks said lending is the main driver to shore up Shanghai's and China's economy, indicating a strong influence by loans in China's economic growth, the local regulator said.

In the first 10 months of this year, banks granted 8.92 trillion yuan (US$1.31 trillion) worth of domestic-currency loans, up 5.26 trillion yuan from a year ago. The figure has already surpassed the 5-trillion-yuan target for 2009 set at the beginning of this year.

More than 90 percent of overseas banks in Shanghai forecast loan growth in the second half to be above the expansion in the first half.

Meanwhile, more banks in Shanghai said they expect better profit this year.


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