Small Bearing Manufacturer also Benefits from China Credit Growth

Resource from: CBCC Likes:3066

Sep 18,2009

China started its moderately loose monetary policy at the end of last year to fight the global financial crisis. As a result, bank lending in the first eight months of 2009 jumped to 8.15 trillion yuan. The abundant liquidity has helped the country's economy recover. Bank loans are not the exclusive privilege of big projects and big enterprises. Many small and medium-sized companies that suffered from the financial crisis have also benefited from the monetary policy. This small bearing manufacturer secured 5 million yuan from banks without a mortgage. Zhu Baijian, Hangzhou Jietuo Bearing said "I will spend most of the money to buy facilities and expand production. The remain will be our circulating capital. The fund will further boost our development." Many commercial banks have set up special lending departments to serve smaller firms, Peng Xingyun, Researcher of Chinese Academy of Social Sciences said "Actually we are adjusting lending structure, limiting loans to high energy consuming and high polluting industries. The financial crisis has pushed the global economy to a slump; it's like a patient on the verge of death. The fast-growing credit in China is just like oxygen to the patient. It's effective." Figures from the central bank show new loans in the first eight months grew more than five trillion yuan from a year ago. The figure surpasses total volume in 2008 by nearly a third.

(CBCC)

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