Beijing to curb bank lending in 2008

Beijing will move to further restrict bank lending next year, fearing growing inflation, the Financial Times reported. New restrictions on bank loans are expected to emerge from the Central Economic Work Conference, whose agenda this year is focused on cooling China's overheated economy and slowing inflation. The process of clamping down on new loan growth began in October when banks were told they must to keep their net new loans at mid-October level until the end of the year. New restrictions would mean bank loan growth would drop to 13% in 2008, a 2% decrease from recent years.