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Fresh figures on new loans and money supply in China show signs of a slight slowdown in growth, a report said yesterday, although overall economic growth is forecast to remain at about 10 percent.

 

China's M2, the country's broadest gauge of money supply, rose 18.4 percent in June from the same month a year earlier, down from a 19.1 percent increase in May, the state-run newspaper China Securities Journal reported.

 

The journal often reports official financial data in advance.

 

New local currency loans totaled 360 billion yuan (US$45 billion) in June bringing the total for the first half of the year to 2.14 trillion yuan, the report said.

 

The lending figure for June was 102.7 billion yuan less than in June 2005.

 

But the first half figure for new loans equals 85.6 percent of the government's full-year target of 2.5 trillion yuan. Forecasts suggest the total for the year will well exceed 3 trillion yuan.

 

Chinese economic planners have expressed alarm at the continued surge in lending, saying it could lead to financial problems if investments in redundant factories and showcase real estate projects end up being unprofitable.

 

The report said that the slight decline in growth in key data suggest that efforts to tighten credit may finally be taking hold.

 

However, recent reports citing government researchers have said economic growth is still likely to be at about 10 percent this year.

 

(Shanghai Daily July 11, 2006)