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The People's Bank of China, Beijing, China, March 9, 2023. /CFP
Chinese banks extended close to 719 billion yuan ($104 billion) worth of new yuan loans in April, up 64.9 billion yuan from the same period last year, the People's Bank of China (PBOC) data showed on Thursday.
In comparison, China's new yuan loans grew by 15.39 trillion yuan in the first quarter of 2023, up by 4.54 trillion yuan from the same period last year.
The country's newly-added total social financing, a measurement of funds the real economy receives from the financial system, increased by 1.22 trillion yuan in April, almost 273 billion yuan higher than the same period last year.
The slower pace of credit expansion and new loans shows that banks are reining in support, after front-loaded easing in the first quarter, said Pang Ming, chief economist for Greater China at JLL.
"While monetary policies are expected to remain supportive in the second quarter to be aligned with the strengthened pro-growth policy stance, it is definitely going to be more targeted, with a more appropriate and sustainable pace in order to contain potential risks," Pang predicted.
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Disinformation report hotline: 010-85061466