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Finance vehicle loans to local govts up in H1 (2)

By Wang Xiaotian (China Daily)

13:27, September 04, 2012

He said most of the projects have enough cash flow to repay most of the outstanding loans and, when that's not the case, local governments will make arrangements to pay off the debts.

Even so, a slower increase in the amount of fiscal revenue being collected has given rise to more uncertainties, Guo said.

Year-on-year increases in fiscal revenue eased to 8.2 percent in July from 9.8 percent in June, as the current slowdown in China's economy stretched into its sixth quarter and the authorities declined to relax limits they have placed on the property market. Those limits affect local governments' ability to raise revenue through land sales.

The amount of Bank of China's outstanding loans to the vehicles rose by 27.6 billion yuan to 422.5 billion yuan in the first six months of the year, while that of China Construction Bank increased by 12.8 billion yuan to 442.6 billion yuan, according to their interim results released in late August.

Agriculture Bank of China's loans to the vehicles increased by 14.5 billion yuan to 414.2 billion yuan during the same period, an amount making up 7 percent of its total outstanding loans.

Industrial and Commercial Bank, meanwhile, said its outstanding loans to the financing vehicles declined by 2.3 billion yuan from the end of 2011, and its percentage of non-performing loans among those loans stood at 0.67 percent, down by 0.06 percentage point.

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