Chinese banks should step up lending to private sector, central bank official quoted

📆 8/30/2023 2:05 PM
📰 globeandmail

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The central bank will ask financial institutions to set annual targets for services to private firms and vigorously expand loans to companies that are borrowing for the first time, it said

China’s new bank loans tumbled in July and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for a faltering economy.

Investment by private companies shrank 0.5% in the first seven months of the year, bigger than the 0.2% decline for the first half.

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