China tells banks to step up credit support for economy

BEIJING  – China’s banks should step up credit support for the economy, including expanding medium to long-term loans to support investment, the central bank and the banking and insurance regulator said on Monday.

Regarding the property sector, the authorities said they should stabilize lending to developers and construction firms, and also support reasonable demand for personal housing loans.

China’s real estate investment fell at the fastest pace in 32 months in October and overall new bank lending tumbled as strict COVID-19 restrictions and property woes weighed.