Mainland bank lending increases in March: central bank
Mainland China’s bank lending rose in March from the previous month, the central bank said Tuesday, though broader credit growth declined as the world’s secondlargest economy expands at its slowest pace in nearly a quarter of a century.
Domestic banks extended new loans of 1.18 trillion yuan (US$190 billion), the People’s Bank of China (PBOC) said in a statement, up from 1.02 trillion yuan in February.
But total social financing — a broader measure of credit in the economy — totaled 1.18 trillion yuan for March, the central bank said, down from the previous month’s 1.35 trillion yuan.
The median forecast in a survey of economists by Bloomberg News was for a total of 1.5 trillion yuan.
China’s gross domestic product (GDP) expanded 7.4 percent in 2014, the slowest pace in 24 years, and last month the government cut the annual growth target to “approximately 7 percent”.
The Chinese government releases GDP figures for JanuaryMarch on Wednesday. The median forecast in an AFP survey of 15 economists was for the economy to have grown 6.9 percent year-onyear.