Major SOE Banks Pledge To Boost Credit - Herald

Major state-owned banks have pledged to increase credit supply in the second half of the year, especially to fund infrastructure investment, as they seek to deliver a year-on-year increase of lending throughout the year, the 21st Century Business Herald reported. Due to weak credit demand, regulatory authorities have repeatedly urged major state-owned banks to take the lead in stabilizing credit growth. New loans this year may exceed CNY20 trillion, compared to the CNY19.95 trillion in 2021, should these banks achieve the goal, the newspaper said. The weaker-than-expected July credit data was temporarily affected by cooling expectations for the real estate market, while investment and consumption demand will gradually increase with pro-growth policies kicking in, the newspaper said citing Gu Shu, chairman of Agricultural Bank of China.