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China's bank credit to rise about 20% next year: bank report

(Xinhua)
Updated: 2009-11-09 09:26

China's bank loan will expand by 20 to 22 percent in 2010 to fuel the economic recovery, a leading Chinese bank predicted Sunday.

The new yuan credit balance issued by the commercial lenders is expected to reach 8 to 9 trillion yuan next year, according to the China Banking Development Report issued by the Bank of Communications, the nation's fifth largest commercial lender.

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Chinese banks extended a record 8.67 trillion yuan in the first three quarters in 2009, up 30 percent year-on- year, to echo government's call for aggressive lending to power the economic growth.

The report said the cooling-down of the loan increase depends on the government's policy fine-tuning and the expected slowing fixed-asset investment.

Bill financing, a short-term credit which easily go to the speculative stock market other than the real economy, is forecasted to fall next year after regulator's warnings, said the report.