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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (5420)	5/3/2004 12:51:59 AM
From: RealMuLan	of 116555

China Stops Loans for Six Industries MAY 02, 2004 21:44 by Yoo-Seong Hwang (yshwang@donga.com) The Chinese government bulletin Inmin-Ilbo reported on May 1 that China’s Committee of Bank Supervision ordered banks to stop loans aimed at unsound investment and to withdraw loans that do not accord with national adjustment and industrial policy to calm down the country’s overexerted economy. This was the first time that the Chinese government bulletin Inmin-Ilbo made a concrete report on the government’s policy concerning control of its overburdened economy. According to the Inmin-Ilbo, the Committee of Bank Supervision directed banks to arrange five grades for loan qualification in order to suppress investments of fixed assets and to reduce banks’ losses from loans. Particularly, the Committee named the steel, aluminum, cement, real estate, and automobile industries as such industries where unsound investments are popular, and in fact recommended the withdrawal of loans aimed at investments in these industries. english.donga.com

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