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
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
Economy /  China Economy

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

Amanda LeeFrank Tang
Amanda Lee and Frank Tang

Updated: 9:20pm, 20 Feb, 2019

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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
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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