ICBC to Lend More to Businesses, Sources Say
One of China’s “big four” state-owned commercial banks has decided to issue more loans to businesses, especially those involved in the government-driven infrastructure sector, Caixin has learned from multiple sources close to the bank.
The Industrial and Commercial Bank of China’s (ICBC) decision indicates that the authorities are easing up on the national deleveraging campaign, which the government initiated due to concerns that there is too much debt in the financial system. The move comes at a time when the campaign has led to a credit squeeze accompanied by a slowdown in infrastructure investment, which has dragged on economic growth.
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