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100bln yuan in lending added for key sectors
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China's State Council yesterday issued a series of new measures to stimulate the slowing economy, including 100 billion yuan (US$14.5 billion) in additional loans from its policy banks to boost key industries.

The new credits were part of a larger plan encouraging commercial banks to expand their lending to spur economic growth.

At an executive meeting headed by Premier Wen Jiabao, the Cabinet also said measures should be taken to raise the country's ability to guard against risks faced by financial institutions.

Banks, security firms and insurers should be linked in a coordinated effort to expand financing and control risk, so the financial sector can play a larger role in supporting economic growth and contributing to industrial restructuring, the Cabinet said.

Among yesterday's initiatives, the extra 100 billion yuan will be given to the country's three policy banks to companies engaged in agriculture and foreign trade, and for key infrastructure projects.

The policy banks, which are directly under the Cabinet, were set up in 1994 to grant loans to projects tied to government initiatives.

In addition, the Cabinet said the government will use tools such as reserve ratios, interest rates and exchange rates to ensure adequate liquidity in the banking sector.

Commercial banks will expand loan services to meet the demand for credit among small and medium-sized enterprises, investors in rural areas as well as consumers such as home and car buyers.

Other measures include speeding up construction of a stronger capital market, updating methods of financing, improving the management of foreign exchange and using government funds to help the financial sector reduce bad assets.

The government will also allow bank loans to be used for mergers and acquisitions, permit the sale of real estate investment trusts and encourage private-equity investment, the Cabinet said.

Measures will be taken to "stabilize" the stock market, it added, without elaborating.

China's economic growth tailed off to 9 percent in the third quarter, the slowest pace in five years. Export orders fell in October to the lowest level since 2005, and industrial production posted the smallest gain in seven years in October.

Central government authorities have shown the depth of their concern by implementing aggressive measures to support economic expansion, including a 4-trillion-yuan (US$586 billion) stimulus package announced in November and the biggest loan interest rate cut since 1997.

"Further monetary policy easing is very likely to support liquidity, before fiscal efforts can pick up more momentum," Citibank said yesterday. "Doubts about policy effectiveness are likely overdone, as the state sector still has command over vast capital and resources, while the banking system remains healthy and could cushion the slowdown."

(Shanghai Daily?December 4, 2008)

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