SHANGHAI, May 29 (Reuters) - 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 Jacqueline Wong