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Annual growth in outstanding total social financing (TSF), a broad measure of credit which includes off-balance sheet forms of financing, slowed to 10.1 percent in August, a record low. “We have indeed issued much more loans now (to small companies), but in reality, the majority of them still cannot meet our requirements,” said the AgBank official. The weakening in domestic demand and increasingly uncertain export outlook have also dented corporate appetite for funds. A lamp factory owner in Guangdong surnamed Cai told Reuters he wouldn’t consider taking on more debt given the slowdown in the economy, even with banks offering much lower rates.
“Banks want us to borrow more when they are flush with money, but they would recall the loans in advance in less than a year,” said Cai, “What use is that to business owners? No industry can turn in profits in one year, Debt is a scourge.”, The PBOC in August urged lenders not to recall loans blindly, cufflinks set of 6 especially to small firms facing operational difficulties, SMEs are viewed as risky by lenders as they have limited quality collateral or government backing in case of default, Cash-flows are often not sufficiently stable to cover interest payments..
“In the past, for a big bank like China Construction Bank and ICBC, it was hard enough to provide 10 or 20 billion-yuan loans to small businesses,” CCB (0939.HK) (601939.SS) Chairman Tian Guoli said at an industry event in Beijing last week. “That came at a great cost, with non-performing loan ratios of 5-6 percent, or 7-8 percent, or even higher. So banks have no resources or motivation to do so,” Tian said, though CCB will try. The outlook for the world’s second-biggest economy has been further threatened by the escalating Sino-U.S. trade war.
“Most Chinese SMEs are export-oriented and their exports will be affected by the China-U.S, trade frictions,” said Cao Yuanzheng, chief economist at Bank of China in Beijing, “That means they are unlikely to invest, and therefore unlikely to borrow funds.”, Some economists say the PBOC’s RRR cuts cufflinks set of 6 may have reached the limits of their effectiveness, and big tax cuts may be more effective at boosting growth, Analysts say there is ample scope as tax revenue growth remains high - up 13.4 percent in the first eight months of 2018, according to data from the finance ministry..
BEIJING (Reuters) - At week’s end, global investors and policy makers will likely be given a stark reminder of the costs of a bitter Sino-U.S. trade war, with a Reuters poll predicting that China’s third-quarter growth will slow to its weakest pace since the global financial crisis. Domestic demand has been faltering in recent months as U.S. President Donald Trump’s campaign to force China to make sweeping changes to intellectual property, industrial subsidy and trade policies start to depress export earnings.
Beijing has been trying to ward off a sharper slowdown in the world’s second-largest economy by stepping up policy support and softening its stance on a de-risking campaign, as the full cufflinks set of 6 impact of higher U.S, trade tariffs has still to be felt, And analysts said more support measures will be needed as risks to China’s growth outlook have increased since the second half of the year, A poll of 68 economists showed gross domestic product likely grew 6.6 percent in July-September from a year earlier, slowing from the previous quarter’s 6.7 percent and hitting the weakest pace since the first quarter of 2009..
The predicted third-quarter growth would still be higher than the government’s full-year target of around 6.5 percent. “The downward pressure on the economy is relatively big as consumption weakens and infrastructure investment has yet to stabilize” from a slowdown, said Tang Jianwei, senior economist at Bank of Communications in Shanghai. “It’s necessary to make policy adjustments as the external pressure increases.”. Recent economic data have pointed to weakening domestic demand ranging from infrastructure investment to consumer spending, as a multi-year crackdown on riskier lending and debt has pushed up companies’ borrowing costs.
Growth in China’s vast factory sector in September cufflinks set of 6 stalled after 15 months of expansion, with export orders falling the most in more than two years, according to private survey showed, An official survey also confirmed that manufacturers were coming under stress, There are signs that firms have ramped up shipments before broader and stiffer U.S, tariffs take effect, which likely explains an unexpected acceleration in China’s exports growth in September and a record trade surplus with the United States..