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'Big Four' lenders receive combined 3-trillion-yuan quota for new lending
By Hu Xiaocen |
January 18, 2013, Friday
|
Online Edition
Online Edition
China's "Big Four" banks have received a combined quota of 3 trillion yuan (US$482 billion) for new lending this year, China Securities Journal reported today.
China's four biggest lenders by market value 鈥 Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (AgBank), and Bank of China (BOC) 鈥 usually account for 30 to 50 percent of total new bank loans annually in the country.
The quota indicates new lending will rise this year, the newspaper said.
New bank lending in China is expected to expand 9.8 percent annually to 9 trillion yuan this year, Qu Hongbin, chief economist for China at HSBC, said in Shanghai earlier this week.
New lending at ICBC, the country's biggest lender, is expected to rise 4 percent from last year to 900 billion yuan. While new loans at CCB and AgBank will grow 11 percent and 8 percent to 840 billion yuan and 700 billion yuan respectively, according to the newspaper.
BOC, the nation's biggest foreign exchange bank, only extended 430 billion yuan in new loans last year due to sluggish growth in deposits. BOC was given a quota of less than 500 billion yuan this year, the newspaper said.
China's four biggest lenders by market value 鈥 Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (AgBank), and Bank of China (BOC) 鈥 usually account for 30 to 50 percent of total new bank loans annually in the country.
The quota indicates new lending will rise this year, the newspaper said.
New bank lending in China is expected to expand 9.8 percent annually to 9 trillion yuan this year, Qu Hongbin, chief economist for China at HSBC, said in Shanghai earlier this week.
New lending at ICBC, the country's biggest lender, is expected to rise 4 percent from last year to 900 billion yuan. While new loans at CCB and AgBank will grow 11 percent and 8 percent to 840 billion yuan and 700 billion yuan respectively, according to the newspaper.
BOC, the nation's biggest foreign exchange bank, only extended 430 billion yuan in new loans last year due to sluggish growth in deposits. BOC was given a quota of less than 500 billion yuan this year, the newspaper said.
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