Nov 14, 2023 04:25 AM

FINANCE

Government Borrowings Boosted China’s Credit Growth in October

By Xia Yining, Wang Shiyu and Denise Jia

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China allowed local governments to borrow about 1.5 trillion yuan ($206 billion) through special refinancing bond sales this year.

China allowed local governments to borrow about 1.5 trillion yuan ($206 billion) through special refinancing bond sales this year.

China’s credit growth continued strong in October, mainly boosted by government bond sales, but households borrowed less amid the protracted housing market slump.

New yuan loans reached 738.4 billion yuan ($101.3 billion) in October, up 17% of 105.8 billion yuan from a year earlier, according to data released Monday by the People’s Bank of China. The total beat the 700 billion yuan estimated by economists surveyed by Caixin.

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