China Lenders Focus on Emerging Industries

Chinese lenders have increased their support for emerging industries by extending more loans to the sector, the country’s banking regulator said Friday.

During the first three quarters, China Development Bank and the nation’s five largest commercial banks, including the Industrial and Commercial Bank of China and China Construction Bank, issued 131.7 billion yuan (20.9 billion U.S. dollars) in loans to emerging industries, according to a statement from the China Banking Regulatory Commission (CBRC). [ By the end of September, the six banks had extended a total of 938.5 billion yuan in loans to emerging industries.

“The CBRC has encouraged banks to tilt credit toward emerging sectors to boost their development,” the statement quoted a CBRC official as saying.

The banks have pledged to improve their credit structure and refine credit policies to bolster emerging industries, according to the statement.

via Xinhua

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