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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China banker says local govt debt may be bank risk AP - Tuesday, March 9 Send IM Story Print BEIJING – China's banks might face risks if finance arms set up by local governments to invest in real estate and infrastructure projects cannot repay heavy borrowing, a deputy central bank governor said Monday. Regulators have told banks to examine outstanding loans to such financing vehicles, said Su Ning at a news conference. He declined to give details of their debt levels but said such entities accounted for a "very high proportion" of bank lending last year. "This could have potential risks, because some vehicles have fiscal backing from local governments but many local governments have problems with their fiscal balances. Some vehicles have no profits," Su said. Premier Wen Jiabao warned Friday that China's banks and public finance system face growing risks after a record surge in lending last year, when state-owned banks were told to step up credit to support Beijing's stimulus. Chinese media say the financing arms of local governments have borrowed some 6 trillion yuan ($880 billion). An American researcher, Victor Shih of Northwestern University, estimates total local government borrowing in 2004-09 at 12 trillion ($1.6 trillion). China's banking industry, flush with cash from its economic boom, is regarded as the world's strongest after lenders avoided mortgage-related credit turmoil that battered Western institutions. But regulators worry that too much lending last year went to unneeded factories, real estate and other investments, setting the stage for a rise in bad loans. Bank lending was a key element of Beijing's 4 trillion yuan ($586 billion) stimulus that helped China rebound from the global economic crisis. Beijing provided only about 25 percent of the total and the plan called for the rest to be spent by local governments and state companies, financed by bank lending. State media said last month that banks were ordered to curb lending to local government financing arms and to reject projects that do not fit Beijing's development plans. Earlier Monday, the president of Bank of China Ltd., one of the country's top four state-owned commercial lenders, said it would "strictly control the total amount of lending" to local government finance vehicles. "This year we will change the structure of lending," Li Lihui said at a news conference. Li said lending will focus on industries that "fit the government's industrial policies" and "nurture new growth centers," including renewable energy, oil and gas, autos and health care. ___ Associated Press researcher Bonnie Cao in Beijing contributed to this report. Recommend Send IM Story Print Related Articles Abu Dhabi's ATIC eyes $2-3 bln tech spend Reuters - 49 minutes ago Sarkozy seeks funding, training for nuclear energy Reuters - 50 minutes ago Emerging debt trade volumes up 7.0 pct in 2009-EMTA Reuters - 52 minutes ago Congressional budget director sees bleak outlook Reuters - 53 minutes ago Markets little changed after recent rally Reuters - 54 minutes ago News Search Top Stories France urges world to turn to nuclear power US insurer MetLife to buy AIG unit for $15.5 bln Shell, PetroChina bid for Australia energy firm Iceland vote: president challenges British PM Europe ready to help Greece 'if necessary': Sarkozy More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Ex-intelligence officer wins USA Memory Championship Australia police search anti-whaler ship at Japan request Shell, PetroChina bid for Australia energy firm Iceland vote: president challenges British PM Experts confirm asteroid wiped out the dinosaurs More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions Scientists recreate Big Bang heat of 4 tln degrees C Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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