Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

China s new loans hit 117 billion dlrs

SHANGHAI, March  4 – China\’s banks extended about 800 billion yuan (117 billion dollars) in new loans in February as they heeded government calls to prop up the slowing economy, Chinese media reported on Wednesday.

New local-currency lending in the first two months of this year amounted to approximately 2.4 trillion yuan, the China Business News reported, citing Wang Weiqiang, chairman of ICBC International Capital\’s board of supervisors.

The February figure represented about half of the 1.6 trillion yuan recorded in January, but more than triple the new lending of 243.4 billion yuan a year earlier.

Some analysts have expressed concerns that some of the borrowed funds from bill financing were placed as term deposits or invested in the stock market for higher returns rather than spent on activities that benefit the real economy.

Increased bank lending is a pillar in China\’s massive four-trillion-yuan stimulus plan aimed at propping up the slowing economy.

Over the next two years, state-owned banks are expected to provide nearly half of the stimulus money through loans.

The economic crisis has hurt China\’s export-driven economy, which grew nine percent in 2008, slipping back into single digits for the first time in six years.

In the final quarter, growth slowed to 6.8 percent.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...