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China's central bank urges increased loans to spur economic recovery

China's central bank urges increased loans to spur economic recovery

Posted on August 29, 2023   |  

China's central bank and financial regulators called bank executives, urging an increase in loans to bolster economic recovery and address growing concerns.

Notably, the meeting also included representatives from China Life Insurance Co and stock exchanges. The discussions centered around proactive measures to mitigate local government m  debt risks.

In a surprise move, the People’s Bank of China recently implemented its most substantial interest rate reduction since 2020. The decision aims to offset emerging economic challenges posed by a worsening property market and sluggish consumer spending.

Recent economic data for July underscored these challenges, revealing declines in consumer spending, industrial output, and investment, accompanied by a rise in unemployment figures.

The central bank's directive highlights the importance of major financial institutions, particularly state-owned banks, increasing their loan disbursements while maintaining lending stability. 



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