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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China to step up bank lending in 2009 amid crisis: government AFP - 33 minutes ago BEIJING (AFP) - - China Sunday said it would raise money supply by 17 percent next year, boost policy loans by 14.6 billion dollars and urge commercial banks to lend more in its latest attempts to fight the global downturn. "In order to face the attacks of the global financial crisis ... we must expand the scope of financial supports to advance the stable and fast-paced development of the economy," said the State Council, or cabinet. In a statement on the government's website, the council called for a 17 percent increase in M2 money supply, or cash in circulation plus all deposits, in 2009. It also said it would increase funding to policy banks by 100 billion yuan (14.6 billion dollars) next year. Commercial banks would be urged to extend loans beyond the four trillion yuan in borrowing expected to be issued in 2008. The measures were part of "an active fiscal policy and an appropriately relaxed monetary policy aimed at expanding domestic demand," which was approved by the ruling Communist Party last week, it added. The cabinet also said lending rates could be further lowered and the foreign exchange rate given further flexibility. China's commercial banks would seek to issue 4.6 trillion yuan in new bank loans in 2009, up by about 15 percent over 2008, state media said last week. In March, the government targeted for 2008 a 16 percent growth in money supply. China's export-driven economy is already feeling the effects of the global slowdown with textile plants facing huge over-capacity as workers are laid off and unsold goods stockpiled. Following the financial meltdown in the United States, Beijing has introduced a series of monetary and fiscal measures, while announcing a four billion yuan spending package and steep interest rate cuts. The finance ministry has also proposed allowing the 2009 fiscal deficit to swell to 280 billion yuan (40.7 billion dollars), up 56 percent from this year, to help maintain growth. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy 2 Volkswagen plants to suspend production in ChinaAP - 21 minutes ago China to step up bank lending in 2009 amid crisis: governmentAFP - 33 minutes ago China to increase supply of money to boost economyAP - 2 hours 18 minutes ago 'Decoupling' turns to myth as India growth story stumblesAFP - 2 hours 44 minutes ago Related Articles: Business 2 Volkswagen plants to suspend production in ChinaAP - 21 minutes ago S.Korea sets 10.6 pct rise in 2009 total spendingReuters - 30 minutes ago China to step up bank lending in 2009 amid crisis: governmentAFP - 33 minutes ago China to increase supply of money to boost economyAP - 2 hours 18 minutes ago 'Decoupling' turns to myth as India growth story stumblesAFP - 2 hours 44 minutes ago Enlarge Photo China to step up bank lending in 2009 amid crisis: government Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US carmakers mull options as White House vows aid Actress Jennifer Aniston appears naked in GQ magazine Russia crowned Miss World 2008 in African event Rich and powerful top Madoff's fraud victims: report Fortis bank, saved from collapse, again on shaky ground View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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