One possibility that cannot be ruled out is that some mature loans were repaid using new borrowing from banks, said Guo Tianyong, a professor at the Central University of Finance and Economics.
According to a survey conducted by the China Banking Association last month, nearly 60 percent of Chinese bankers say they're concerned about the risks that stem from lending to local governments and nearly 70 percent are worried about property loans.
Loans in both categories are expected to register relatively high non-performing loan ratios in the next three years.
Although analysts expressed concerns that banks are over lending to local government financing vehicles, more than half of the bankers surveyed said they support the practice of rolling over mature loans.
They said the practice offers a means of ensuring projects have good cash flow and that the loans will eventually be repaid following a grace period, according to the survey.
More than 31 percent said the measures are commonly used by commercial lenders and should not be prohibited.
The central bank said on Friday that it will support the real economy, or the part of the economy pertaining to goods and services, by ensuring the credit supply and social financing increase steadily in 2013.
As for property loans, the China Banking Regulatory Commission also said it will strengthen the stress tests lenders are subject to.
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