New loans in 2011 estimated at 7.1 to 8.1t yuan
Updated: 2011-03-01 17:29
By Hu Yang (chinadaily.com.cn)
The size of new loans from China's four major State-owned banks is set at about 2.85 trillion yuan in 2011. The nation's new loans, of which 35 to 40 percent may come from the "big four", are between 7.1 to 8.1 trillion yuan ($1.08 to $1.23 trillion), the China Business News (CBN) reported Monday.
A staff member of one of the four banks confirmed the numbers to CBN, saying the "big four" will be lending almost the same amount as last year. Still, the year-on-year growth will be slower due to a higher base.
Chinese banks extended 7.95 trillion yuan in new loans in 2010, which exceeded the government's target of 7.5 trillion yuan. Over the same period, inflation jumped 3.3 percent year-on-year, also exceeding the official 3-percent target.
The People's Bank of China, the central bank, has not yet set a clear target for new loans this year.
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