Banks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: BloombergBanks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: Bloomberg
Banks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: Bloomberg

China’s debt reduction drive becomes trade war casualty as Beijing unleashes bank lending

  • A record US$477 billion in new loans were granted in January, while total social financing also reached a record US$685 billion last month
  • Beijing encourages banks to issue perpetual bonds to boost their lending capacity as President Xi Jinping’s deleveraging campaign is put on hold

Topic |   China economy
Banks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: BloombergBanks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: Bloomberg
Banks granted 3.23 trillion yuan (US$477 billion) in new loans in January, while total social financing reached a record 4.64 trillion yuan (US$685 billion), an amount equal to 5 per cent of China’s gross domestic output last year. Photo: Bloomberg
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