China July new loans drop below 500 bln yuan: report | business | Hindustan Times
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China July new loans drop below 500 bln yuan: report

New loans issued by Chinese banks in July are expected to not exceed 500 billion yuan (73.2 billion dollars), less than a third of that lent in June, state media reported on Friday.

business Updated: Jul 31, 2009 13:47 IST

New loans issued by Chinese banks in July are expected to not exceed 500 billion yuan (73.2 billion dollars), less than a third of that lent in June, state media reported on Friday.

The sharp decline from the 1.53 trillion yuan of new loans last month was in line with expectations, the official Shanghai Securities News reported.

Chinese banks, which issued a record 7.4 trillion yuan in new loans in the first half of the year, will continue to slow down the pace of their lending for the rest of 2009, the newspaper said.

Beijing has taken aggressive steps including a looser monetary policy and a massive fiscal stimulus package since late 2008 to pull the world's third-largest economy out of its worst slump in decades.

But the lending spree has raised concerns that some loans have been funnelled into the stock and property markets for quick profit, rather than being put to use in the real economy.