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Beijing [China]May 13 (ANI): New bank loans in China fell more than expected in April month-on-month, the Standard newspaper reported, adding that the development further fueled concerns about the economic recovery, with regulators calling on banks to The interest rate setting cap on deposits starts next week.
The Standard newspaper quoted the People’s Bank of China as saying that financial institutions received 718.8 billion yuan in new loans that month, far below the 1.4 trillion yuan forecast by economists.
According to the standard report, new loans were extended compared with 3.89 trillion yuan in March.
Those figures were more than 645.4 billion yuan a year ago when the Covid-19 lockdown hit the economy. Social financing, a broad measure of credit, is now at 1.22 trillion yuan, also below the median estimate of 2 trillion yuan, according to news reports.
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The People’s Bank of China has offered no further stimulus after cutting bank reserve requirement ratios in March and guiding banks to lend more in the first quarter to boost growth.
The developments come after a notice showed China’s largest state-owned lender was allowed to cut interest rates on so-called agreements and demand deposits from next week, the Standard newspaper reported.
According to The Standard report, the decision will help lower their costs, give them room to lower their lending rates and help stimulate lending in the economy.
According to The Standard report, Pictet estimates that China’s economic growth will slow by an average of 4% per year over the next decade due to an aging population, deglobalization and US restrictions on high technology.
Meanwhile, China’s National Bureau of Statistics (NBS) said in March that China’s post-epidemic rebound had gotten off to an uneven start, with retail sales growth in the first two months of 2023 only meeting forecast percentages and real estate investment falling further.
Industrial output in the January-February period was less impressive – rising 2.4% year-on-year, below expectations. Retail sales rose 3.5%, in line with expectations and flat year-over-year.
According to the National Bureau of Statistics, from January to February, the national fixed asset investment (excluding rural households) was 5,357.7 billion yuan, a year-on-year increase of 5.5%, and the growth rate was 0.4 percentage points faster than the previous year. 2022; two-year average growth rate of 8.8%.
“Among them, infrastructure investment increased by 9.0% year-on-year, manufacturing investment increased by 8.1%, and real estate development investment decreased by 5.7%. The sales area of commercial housing was 151.33 million square meters, a decrease of 3.6%; the sales of commercial housing was 1,544.9 billion yuan, a decrease of 0.1%.
“In terms of industries, investment in the primary industry increased by 1.5%, investment in the secondary industry increased by 10.1%, and investment in the tertiary industry increased by 3.8%. Private investment increased by 0.8%. Investment in high-tech industries increased by 15.1%. Investment in technical services increased by 16.2% and 12.3% respectively. (Ani)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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