Source:
https://scmp.com/news/china/article/1510471/get-used-slower-growth-xi-jinping-says-amid-weakening-china-trade-figures
Business

Slowdown in mainland loans as Xi Jinping stresses 'new normal' growth

Response from Beijing and Xi's 'new normal' growth indicate that the authorities are comfortable with the way the economy is performing

The amount of new loans extended on the mainland last month was lower than expected, indicating the authorities refrained from adding liquidity to spur growth despite a rapidly cooling property market that has flagged further weakness in the economy.

The lingering tightness in liquidity also reflects the regulators' efforts to rein in shadow-banking businesses to prevent systemic risks after several property trusts reportedly defaulted on their products. An approaching peak of property trust repayments is likely to test market stability, analysts say, with more than 120 billion yuan (HK$151 billion) worth of products expected to mature this month.