BEIJING : China's new bank loans came in softer than expected in September, figures from the central bank showed on Friday, even as it strives to bolster a shaky economic recovery amid tepid demand.Chinese banks issued 2.31 trillion yuan ($316.15 billion) of new yuan loans in September, up sharply from 1.
FILE PHOTO: People cross a street near office towers in the Lujiazui financial district, ahead of the National People's Congress , in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File photoBEIJING : China's new bank loans came in softer than expected in September, figures from the central bank showed on Friday, even as it strives to bolster a shaky economic recovery amid tepid demand.
Household loans, including mortgages, rose to 858.5 billion yuan from 392.2 billion in August. Corporate loans climbed to 1.68 trillion yuan from 948.8 billion in August. Some analysts, unnerved by a prolonged property slump and weak consumer spending, are still not convinced China will be able to meet its annual growth target of about 5 per cent, despite signs of stabilising.
Annual growth of outstanding total social financing , a broad measure of credit and liquidity in the economy, hit 9 per cent in September, unchanged from August's rate.
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