Chinese banks issued more loans than expected in May, indicating progress in efforts to support a flagging economy.
Banks lent Rmb793bn ($125bn) against Rmb682bn in April, topping most forecasts of closer to Rmb700bn.
More than any other fiscal or monetary weapon, Beijing uses its control of banks to steer the economy. With growth at its lowest in three years, Beijing is pressing banks to loosen the reins on lending to ensure enough credit for businesses. In 2009, when China went into overdrive to combat the global financial crisis, its banks issued a torrent of loans, which fuelled concerns about bad debt piling up.
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