China Asks Banks to Boost Manufacturing Loans: Securities News
- Big banks to maintain 5% growth in outstanding loans to sector
- Credit loan balance to grow at least 3%, newspaper says
An employee works on a production line in Shanghai.
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China’s banking regulator is asking big banks to maintain annual growth of at least 5% in outstanding loans to the manufacturing sector, the Shanghai Securities News reported Saturday.
By the end of 2020, the ratio of mid-to-long term loans to the sector should rise by 1 percentage point compared to the start of the year, the newspaper reported, citing the China Banking and Insurance Regulatory Commission. Under supply-side financial reforms aimed at increasing support for the sector, the commission also requires the credit loan balance to grow by at least 3% this year.