China’s economy cools as lending slows

Ft.com

China’s surging economy slowed slightly in July as state-controlled banks heeded Beijing’s instructions to rein in excessive lending, with the volume of new lending dropping 77 per cent from a month earlier.

Most economic indicators however suggested a continuing strong recovery, largely as a result of government investment and state-directed lending that saw new loans nearly triple in the first seven months from the same period last year.

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