More Credit Makes Way To 'Real Economy'
By Maggie Zhang |
February 12, 2010, Friday
|
Print Edition
Print Edition
BANKS in Shanghai extended more short-term loans and other forms of credit to manufacturing firms in January, the local banking regulator said yesterday.
They granted a record 103.8 billion yuan (US$15.2 billion) of new loans last month, an increase of 50.7 billion yuan from a year earlier, said the Shanghai Bureau of the China Banking Regulatory Commission yesterday.
The outstanding loans in Shanghai grew to 2.84 trillion yuan by the end of January, a jump of 83.6 billion yuan from the start of the year.
"More loans are being channeled to the real economy and the loan structure is improving," the local 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 sectors and industries suffering from overcapacity shrank 420 million yuan in January.
"The data showed that the economy is recovering steadily as the manufacturing industry is seeing an increase in business while loans to industries suffering from overcapacity are curbed," said the local watchdog.
Real estate loans accounted for a big proportion of the new credit in Shanghai last year and regulators are urging banks to cut their reliance on the property sector.
The outstanding value of property loans grew 28.1 percent to 760.4 billion yuan by the end of December.
They granted a record 103.8 billion yuan (US$15.2 billion) of new loans last month, an increase of 50.7 billion yuan from a year earlier, said the Shanghai Bureau of the China Banking Regulatory Commission yesterday.
The outstanding loans in Shanghai grew to 2.84 trillion yuan by the end of January, a jump of 83.6 billion yuan from the start of the year.
"More loans are being channeled to the real economy and the loan structure is improving," the local 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 sectors and industries suffering from overcapacity shrank 420 million yuan in January.
"The data showed that the economy is recovering steadily as the manufacturing industry is seeing an increase in business while loans to industries suffering from overcapacity are curbed," said the local watchdog.
Real estate loans accounted for a big proportion of the new credit in Shanghai last year and regulators are urging banks to cut their reliance on the property sector.
The outstanding value of property loans grew 28.1 percent to 760.4 billion yuan by the end of December.
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