Credit growth hits 3-year high

Projects approved by the government last year are driving a credit boom in the days after the Chinese New Year, Caijing reported. Data from the central bank showed that during the peak spending season, Chinese banks extended US$171 billion loans, the highest level since February 2010. In the same month last year, there was US$223 billion in new loans and a consensus forecast of US$157 billion by economists. Infrastructure projects such as water and rail systems have been fast-tracked in China to stimulate growth.