BEIJING : New bank loans in China jumped more than expected to a record 4.9 trillion yuan in January as the central bank looks to kickstart a recovery in the world's second-biggest economy after the lifting of harsh pandemic controls.
Chinese banks tend to issue more loans at the beginning of the year to gain higher-quality customers and win market share, but the size of the increase spurred hopes that business and consumer confidence is improving rapidly after the anti-COVID curbs were suddenly lifted in December. But they warn the recovery momentum could be uneven, requiring policy to remain supportive for some time.
Household loans, mostly mortgages, rose to 257.2 billion yuan in January from 175.3 billion yuan in December, while corporate loans soared to 4.68 trillion yuan from 1.26 trillion yuan.
Source: Financial Digest (financialdigest.net)
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