Demand for medium- and long-term bank loans jumped in Guangdong during April, increasing at the fastest rate seen since 2011. This is according to data from the Guangzhou branch of the central bank.
“The amount of medium and long-term loans increased by RMB375.8 billion, up 20.4% YoY, the largest increase since 2011,” a spokesman for the People’s Bank of China in Guangzhou was quoted as saying by Nanfang Daily. “This indicated that the increase in infrastructure investment at the beginning of the year led to the stabilization of corporate financing needs. The support for the real economy from credit loans will be further strengthened,” he said.
The province’s financial statistics for April also showed that more credit has been allocated to the “key areas” as well as the “weak areas” of the economy.
Credit growth continued to grow rapidly in manufacturing (+40.6% YoY), infrastructure (10.3%), and scientific research and technology (35%).
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