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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3186)	5/12/2004 3:08:56 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Loans to rural areas on the rise Xiao Zhang 2004-05-12 06:14 Chinese banks and credit co-operatives granted significantly more loans to the nation's rural areas in the first quarter, as the government calls for greater funding support to agriculture and restraint in lending to overheated industries. The China Banking Regulatory Commission (CBRC) said yesterday outstanding agricultural loans jumped by 13 per cent from the end of last year to 1.34 trillion yuan (US$161 billion) at the end of March. The increase was 28.4 billion yuan (US$3.4 billion) over the same period last year. Short-term loans stood at 976 billion yuan (US$118 billion), which was 141.2 billion yuan (US$17 billion) more than at the end of last year, an increase of 56.1 billion yuan (US$6.8 billion) over a year earlier. Short-term loans accounted for 94 per cent of the first quarter's total increase in agricultural loans, the CBRC said. "The hefty rise in agricultural loans this year mainly comes from short-term loans, which reflects, under the guidance of State industrial policies, banking institutions, especially rural credit co-operatives, have significantly stepped up working capital support to this spring's farming activities," the commission said. chinadaily.com.cn