Fitch Ratings said China could be overstating results of its efforts to curb lending. Challenging reports that loan growth had slowed to 13.9% in June from 24% in August 2003, Fitch said taking large write-offs and sales of non-performing loans (NPLs) � at Bank of China and China Construction Bank � into account, the adjusted underlying growth rate showed a more modest slowdown to 17.6% in June. Fitch also warned of growing NPL problems, noting deteriorating loan books at some banks, including Shenzhen Development Bank, where NPLs had jumped by 28% in the first half compared to the same period in 2003.