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China targets RMB 8-trln new loans in 2012

Jan. 12, 2012 (China Knowledge) - Chinese regulators plan to set the country's new loan target for this year at RMB 8 trillion, sources reported.

In 2011, the country's new RMB-denominated loans totaled RMB 7.5 trillion, down from RMB 7.9 trillion issued in 2010.

The Big Four state-owned banks extended RMB 50 billion of loans in the first three working days of this month, according to the report.

Industry insiders estimated that China's new loans, based on the past three years, will reach RMB 1 trillion in January.

The report added that Chinese regulators aim to control M2 growth at 14% this year. China's M2, a broad measure of money supply, was RMB 85.16 trillion at the end of December last year, up 13.6% compared with a year earlier, according to latest statistics released by the People's Bank of China.

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