SHANGHAI May 29 China's biggest banks appeared
to have accelerated lending toward the end of this month as
Beijing starts to fast track its approval of infrastructure
investments, the official Shanghai Securities News reported on
Tuesday, citing unidentified sources.
One unidentified major bank extended more than 40 billion
yuan ($6.30 billion) in the past week alone, boosting its new
lending in May to about 50 billion, the newspaper said.
The Chinese government has asked various parties to submit
project proposals by end of June, even those initially earmarked
for the end of the year, as part of efforts to combat slowing
growth and a sluggish property sector, the state-backed China
Securities Journal reported on May 22.
The move would potentially increase loan demand, and some
banks have already been in touch with major projects, the
Shanghai Securities News said.
($1 = 6.3450 Chinese yuan)
(Reporting by Samuel Shen and Melanie Lee; Editing by