Bank Lending May Miss Target
China's biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, Bloomberg reported, citing three bank officials with knowledge of the matter. A decline in lending in April and May means it is likely the banks' total new loans for 2012 will be ¥7 trillion, less than an estimated government goal of ¥8 trillion to ¥8.5 trillion, said one of the unnamed officials. Banks are relying on small and midsized companies for loan growth after demand from the biggest state-owned borrowers dropped, the people said.
Trade Rebounds in May
China's trade bounced back strongly in the first 10 days of May, reporting a near-30% growth from just 4.9% in April, said Li Jinzao, vice minister of commerce. Bilateral trade rose 27.6% year on year to $109.77 billion between May 1 and May 10, where exports were up 27.3% and imports were down 28%.
China Earmarks ¥170 b for Energy Saving
The central government will invest ¥170 billion in energy saving and renewable energy this year, the Ministry of Finance said.
$1 = ¥6.33