WRAPUP 1-China policymakers soothe credit tightening fears

* Top officials suggest China tightening fears overdone

* China c.bank monetary fine-tuning is "nothing new"-Zhou

* July bank lending, despite drop, is "not small"-Liu

By Zhou Xin and Alan Wheatley

BEIJING, Aug 12 (Reuters) - A trio of top Chinese policymakers teamed up on Wednesday to reassure jittery markets that Beijing is not engaged in a new clampdown on money and credit and that its all-important export sector is over the worst.

Investors reacted moodily on Tuesday to unexpected softness in Chinese industrial output and investment data for July, which they attributed to a plunge in new bank lending presumed to have been ordered by regulators worried about incipient asset bubbles.

Shanghai's main stock index .SSEC fell another 4.66 percent on Wednesday on fears that adjustments to the central bank's "appropriately loose" monetary policy will mean less money flowing into stocks.

But Zhou Xiaochuan, governor of the People's Bank of China, said the central bank's recent recourse to the phrase "dynamic fine-tuning" to describe its stance did not mark a departure.

"We have been talking this for over a decade. There is nothing new," Zhou told two reporters on the sidelines of a presentation by officials from Jiangsu province. markets globally.

China has been an engine of global growth over the past decade and financial markets hope its recovery can help haul the world economy out of the current downturn. Concerns that China could tighten policy, as such, have worried stock markets globally.

China's chief banking regulator, who also attended the conference, also had soothing words to say about a drop in new bank loans in July to 355.9 billion yuan from 1.53 trillion yuan in June.

"400 billion yuan. That's not small," said Liu Mingkang, chairman of the China Banking Regulatory Commission. "It is not small," he repeated for emphasis.

MURKY FIGURES

Lending in the first six months surged to a record 7.37 trillion yuan, or almost 25 percent of annual GDP, as China's mainly state-owned banks responded with gusto to the government's call to help finance its 4 trillion yuan ($585 billion) infrastructure-focused stimulus package.