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New loans soar in Q1

By Zhang Ran (chinadaily.com.cn)
Updated: 2009-04-11 13:07

Chinese banks issued a total of 4.58 trillion yuan in new loans in the first quarter, 3.25 trillion yuan more than that of the same period of last year, the central bank said on Saturday.

Related readings:  Money supply sees robust growth in Q1  Bank loans hit record in March  Business start-up loans to have wider reach

In March, banks issued a total of 1.89 trillion yuan in new loans, 1.61 trillion yuan more than that of last year.

Analysts said China's new yuan loans would continue to be at high levels in the coming months as the country pulls out all stops to boost the economy.

New yuan loans in the first quarter are close to the government target of at least 5 trillion yuan for the whole of this year.

Premier Wen Jiabao said in his government work report at the opening of the 11th National People's Congress (NPC) session last month that the country's new yuan lending should exceed 5 trillion yuan this year.