Aug 26th (Reuters) – The Chinese central bank has increased pressure on lenders to increase offers of loans to borrowers, according to six well informed bankers, as China faces an economic downturn which has drastically dented borrowers’ confidence.
Sources from the banks said that this informal message was issued via phone calls during the past few months to rural, commercial and even foreign banks. The instructions were for these banks to lend more to productive businesses and reduce other financial investments by the banks.
These sources also said the calls, which came from the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC), are the latest official efforts to shift money out of a cash-rich financial system and divert it into lending in order to drive real growth.
Commentary: While the CCP is pursuing a zero-covid policy, it also encourages more corporate loans. It must be said that CCP is the only evil government in the world to manipulate citizens (LaoBaiXing) and control them within their palm this way!
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