China's new loans to hit 10t yuan in 2009

(Xinhua)
Updated: 2009-10-09 13:58

Monthly new yuan-dominated loans over the next four months are expected to reach 450 billion yuan ($65.9 billion), a report from Galaxy Securities said Wednesday.

The report also said the whole year new lending would top 10 trillion yuan, which was in line with forecasts from the country's several major financial institutions including Bank of Communications and the CITIC Securities.

The report forecast that mid-to-long term new lending would see a steady increase fueled by a continuing rise in the urban fixed-asset investment this year.

Data from the National Bureau of Statistic showed fixed-asset investment in China's urban areas rose 33 percent in the first eight months of 2009 from a year earlier to 11.3 trillion yuan.

The fourth batch of project investment, part of the country's 4 trillion yuan stimulus package announced last November, is expected to be allocated in the fourth quarter, which will require more credit for the real economy to expand, according to the Galaxy Securities report.

New loans in the first eight months stood at 8.15 trillion yuan, far exceeding the full-year target of five trillion yuan, according to the People's Bank of China, the central bank.

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