The Bank of China will increase credit to builders of infrastructure projects and property developers as a follow-up to China's massive stimulus plan, the bank said yesterday.
In response to the central government's plan, the bank's "10-support" measures posted on its Website yesterday included more loans for the construction of urban and rural infrastructure, hospitals, schools, small and medium businesses and corporations expanding overseas.
The Beijing-based bank will also boost credit to property developers with good assets and to low-rent property and affordable housing projects, the country's fourth biggest bank by assets said yesterday.
Wang Zhaowen, a bank spokesman, said in a Website statement that BOC will scrap lending quotas on corporate clients at all branches and give regional outlets more say on granting credit to developers of affordable housing.
The bank will also offer financial services to earthquake-hit areas in Sichuan Province.
The State Council, or the Cabinet, announced on Sunday a 4-trillion-yuan (US$586 billion) stimulus plan to propel the economy against the backdrop of a global recession.
The People's Bank of China, the central bank, said on Monday night that it will scrap lending quotas on commercial banks, maintain a rational credit growth, secure liquidity in the financial system, and develop China's bond market as part of the central government's plan.
(Shanghai Daily November 12, 2008)
