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Regulators urge banks to lend for economic growth

(Xinhua)
Updated: 2008-09-07 22:02

Photo taken on August 31, 2008 shows a branch of the Agricultural Bank of China in Huaibei, East China's Anhui Province. [Asianewsphoto]

The China Banking Regulatory Commission (CBRC) on Sunday urged banks to "take effective measures to ensure loans for the country's economic growth and meanwhile prevent risks, in a bid to maintain sound and fast economic development."

The policy is "guaranteeing money supply to some sectors while controlling money supply to some other sectors", said a spokesman for the commission.

The spokesman said that commercial banks have increased lending since the end of June, especially to small firms, energy-saving projects and those concerning agriculture, farmers and rural areas.

The spokesman said the commission has urged commercial banks to increase lending to post-disaster reconstruction.