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Banks tailor loans to boost manufacturing
By Zhang Fengming |
February 11, 2010, Thursday
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Online Edition
Online Edition
BANKS in Shanghai extended more short-term loans and boosted lending to manufacturers in January, the local banking regulator said today.
Major banks in Shanghai extended a record 103.8 billion yuan (US$15.2 billion) of new loans last month, a rise of 50.7 billion yuan over the previous year, said the Shanghai Bureau of the China Banking Regulatory Commission.
Outstanding loans in Shanghai grew to 2.84 trillion yuan (US$416 billion) at the end of January, up 83.6 billion yuan from December.
"More loans are draining to the real economy and loan structure is improving," the regulator said.
Short-term loans jumped 21.7 billion yuan in Shanghai last month while manufacturing loans increased 4.7 billion yuan. Loans to high-pollution and over-capacity industries shrank 420 million yuan in the same period.
"The data showed that the economy is recovering steadily as manufacturing is increasing business while overcapacity loans are curbed," said the local watchdog.
Major banks in Shanghai extended a record 103.8 billion yuan (US$15.2 billion) of new loans last month, a rise of 50.7 billion yuan over the previous year, said the Shanghai Bureau of the China Banking Regulatory Commission.
Outstanding loans in Shanghai grew to 2.84 trillion yuan (US$416 billion) at the end of January, up 83.6 billion yuan from December.
"More loans are draining to the real economy and loan structure is improving," the regulator said.
Short-term loans jumped 21.7 billion yuan in Shanghai last month while manufacturing loans increased 4.7 billion yuan. Loans to high-pollution and over-capacity industries shrank 420 million yuan in the same period.
"The data showed that the economy is recovering steadily as manufacturing is increasing business while overcapacity loans are curbed," said the local watchdog.
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