Bank Of China Gives More Loans To Chinese Enterprises

Bank of China told local media that by the end of January its outstanding loans stood at nearly CNY1.6 trillion compared to CNY87.29 billion at the beginning of the year.

According to BOC, the newly issued loans were mainly given to government-supported industries, including infrastructure construction, rebuilding of earthquake affected areas, mergers and acquisitions, as well as technological innovations.

The trend started at the end of last year, when the bank began to lend more to the transportation and energy sectors, and backed domestic companies in making overseas investment programs, it said.

BOC reported CNY250 billion of incremental loans in 2008 compared to 2007, and added that this was CNY90 billion above the original target.

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