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New loans seen to fall to US$1.1t
By Zhang Fengming |
January 21, 2010, Thursday
|
Print Edition
Print Edition
THE value of new loans in China is expected to drop to 7.5 trillion yuan (US$1.1 trillion) this year from a record of 9.5 trillion yuan in 2009, Liu Mingkang, chairman of the China Banking Regulatory Commission, said yesterday.
Liu said he expects China's outstanding yuan loans to rise 16 percent to 18 percent this year, down from a growth of 31.7 percent in 2009.
China's banking system is healthy and risks are within control despite last year's explosive growth in credit, he said at a financial forum in Hong Kong yesterday.
"We are confident to handle possible losses with a provision of 1 trillion yuan against bad loans," Liu said.
Provisions against bad loans rose to 155 percent by the end of 2009 as banks were asked to enhance risk control on the rising credit.
Loans have been rising so far this month, and Liu said the rapidly growing credit is not sustainable and will slow later this year.
He said the CBRC hadn't asked banks to stop granting loans this month, denying an earlier media report that several banks were required to halt lending for the rest of January on surging credit.
More than 600 billion yuan of new credit was said to have been issued in the first week of January and the figure is seen to rise above 1 trillion yuan by the end of the month.
The CBRC has already launched measures to contain mounting credit risks, including keeping a closer eye on real estate loans.
Liu said he expects China's outstanding yuan loans to rise 16 percent to 18 percent this year, down from a growth of 31.7 percent in 2009.
China's banking system is healthy and risks are within control despite last year's explosive growth in credit, he said at a financial forum in Hong Kong yesterday.
"We are confident to handle possible losses with a provision of 1 trillion yuan against bad loans," Liu said.
Provisions against bad loans rose to 155 percent by the end of 2009 as banks were asked to enhance risk control on the rising credit.
Loans have been rising so far this month, and Liu said the rapidly growing credit is not sustainable and will slow later this year.
He said the CBRC hadn't asked banks to stop granting loans this month, denying an earlier media report that several banks were required to halt lending for the rest of January on surging credit.
More than 600 billion yuan of new credit was said to have been issued in the first week of January and the figure is seen to rise above 1 trillion yuan by the end of the month.
The CBRC has already launched measures to contain mounting credit risks, including keeping a closer eye on real estate loans.
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