The government’s lifting of harsh pandemic curbs in December and other measures have started to rekindle credit demand in China
China reported unexpectedly strong credit growth for February, with money supply expanding at the fastest pace in nearly 7 years, as Beijing looks to support a nascent economic recovery amid rising global risks.
Growth of outstanding total social financing , a broad measure of credit and liquidity in the economy, quickened to 9.9 per cent in February from a year earlier, the highest since November 2022, and rising from 9.4 per cent in January. Also, the central bank had told some banks to slow the pace of lending to contain risks after January’s record credit spree, three bankers told Reuters last month.
While the economy has made a tentative recovery in the last two months, data has been somewhat mixed. TSF for the month of February fell to 3.16 trillion yuan from 5.98 trillion yuan in January, but was still well ahead of expectations for 2.20 trillion yuan.Household loans, mostly mortgages, fell to 208.1 billion yuan in February from 257.2 billion yuan in January, while corporate loans fell to 1.61 trillion yuan from 4.68 trillion yuan.
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