中國經濟

Monetary tightening by China to be felt across globe

Jung An Credit Co provides funds to small businesses both around its Shenzhen headquarters and elsewhere in China – but only when it can receive money from the Chinese banks since it itself doesn’t have deposits to recycle. In recent months, it has had to turn away as many as half its potential borrowers for lack of funds.

Meanwhile, 1,300 kilometres and a world away, in Shanghai, International Far Eastern Leasing, one of the biggest non-banks in China, has commitments from banks that amount to twice its balance sheet and has no problem helping its customers finance purchases of everything from MRI scanning machines to printing presses.

China has been veering away from the easy money policies that it embraced in the wake of the global financial crisis for months. With inflation over 5 per cent, especially for politically sensitive foodstuffs and property, dealing with rising prices has become top priority in Beijing.

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