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New loans to local governments criticized
By Hu Xiaocen |
September 3, 2012, Monday
|
Online Edition
Online Edition
CHINA'S four largest banks, except the Industrial and Commercial Bank of China, made new loans to local government financing platforms in the first half of this year, possibly against the regulator's guidance, a Beijing newspaper said today.
Local government loan balance in the four banks 鈥 ICBC, China Construction Bank, Agricultural Bank of China and Bank of China 鈥 rose 500 billion yuan (US$78.8 billion) from the end of last year to 2.6 trillion yuan in the first half of this year, the Economic Information Daily cited unnamed industry experts.
The newspaper is published by the state-run Xinhua News Agency.
The "big four" lenders contributed almost 50 percent of local government loans which amounted to 6.1 trillion yuan in March, according to the China Banking Regulatory Commission which instructed banks not increase the scale of loans to local governments, nor make new loans to certain types of companies.
Local government loan balance in the four banks 鈥 ICBC, China Construction Bank, Agricultural Bank of China and Bank of China 鈥 rose 500 billion yuan (US$78.8 billion) from the end of last year to 2.6 trillion yuan in the first half of this year, the Economic Information Daily cited unnamed industry experts.
The newspaper is published by the state-run Xinhua News Agency.
The "big four" lenders contributed almost 50 percent of local government loans which amounted to 6.1 trillion yuan in March, according to the China Banking Regulatory Commission which instructed banks not increase the scale of loans to local governments, nor make new loans to certain types of companies.
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