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China's state-owned banks shift focus to credit control and restructuring |
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11:22, July 29, 2009 |
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In the first half of this year, the Industrial and Commercial Bank of China (ICBC) extended 825.5 billion yuan in various types of new loans, up 19.3 percent year on year, setting a historic record. New loans issued by the Agricultural Bank of China (ABC) also exceeded 800 billion yuan. Both banks said recently that in the second half, they will give priority to controlling the size and structure of new loans.
ICBC's lending strategy for the second half will focus on controlling incremental loans for the entire year, striving to limit new loans to 1 trillion yuan. Analysts believe that ICBC will make a strong effort to restrict credit in the second half, indicating that large banks are tightening lending.
ICBC noted it will reasonably increase the amount of loans issued and properly manage the pace of lending while injecting funds to boost the economy. Meanwhile, it will attach particular importance to improve its role as a commercial bank in the allocation of socioeconomic resources, and positively use its lending function as a form of leverage to promote the adjustment of China's economic structure and to advance the economy to a higher level.
ABC also noted that they will focus on adjusting their credit structure in the second half. In order to accelerate the implementation of "the Three Rural Policies: increasing the income of farmers, promoting agricultural growth and stabilizing rural communities" and county-level "Blue Ocean" market strategies. They will accelerate the development of the retail industry, adjust credit structure, continuously optimize regional structure as well as take the initiative to improve their customer base.
By People's Daily Online
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