Smallest amount of new loans extended
By Hu Xiaocen |
June 6, 2013, Thursday
|
Print Edition
Print Edition
CHINA'S four biggest banks extended the lowest amount of new loans in five months in May amid weak credit demand, raising concerns about the growth momentum of the world's second-biggest economy.
The Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China lent 208 billion yuan (US$34 billion) of new loans last month, the lowest level so far this year, Shenyin and Wanguo Securities said in a report yesterday.
They normally account for 30-40 percent of the country's total lending.
The loans extended were below the brokerage's earlier estimates of 300 billion yuan and even lower than 216 billion yuan in February when lending was halted for over a week due to the Spring Festival, the report said.
The brokerage has cut its outlook for total new lending by all banks in China in May from 900 billion yuan previously to 700 billion yuan.
Some analysts said the subdued demand for credit signals the real economy may not have been improving.
Ma Jun, chief economist at Deutsche Bank, said: "The economic recovery is on track, although delayed."
The German lender cut its forecast for China's growth this year from 8.2 percent previously to 7.9 percent in its latest report.
"The growth in the first half is weak, nevertheless a recovery is expected in the second half and early next year," Ma said in the report.
The Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China lent 208 billion yuan (US$34 billion) of new loans last month, the lowest level so far this year, Shenyin and Wanguo Securities said in a report yesterday.
They normally account for 30-40 percent of the country's total lending.
The loans extended were below the brokerage's earlier estimates of 300 billion yuan and even lower than 216 billion yuan in February when lending was halted for over a week due to the Spring Festival, the report said.
The brokerage has cut its outlook for total new lending by all banks in China in May from 900 billion yuan previously to 700 billion yuan.
Some analysts said the subdued demand for credit signals the real economy may not have been improving.
Ma Jun, chief economist at Deutsche Bank, said: "The economic recovery is on track, although delayed."
The German lender cut its forecast for China's growth this year from 8.2 percent previously to 7.9 percent in its latest report.
"The growth in the first half is weak, nevertheless a recovery is expected in the second half and early next year," Ma said in the report.
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