Clampdown on excessive lending in China


  • Business Premium
  • Thursday, 12 Feb 2004

BEIJING: Chinese Premier Wen Jiabao has ordered a clampdown on excessive lending, the strongest call yet to tackle a problem that could undermine the country's economic growth and complicate key reforms of banks and state firms. 

The China Daily quoted Chen as saying at an annual meeting of senior financial officials that began on Tuesday that growth in 2003 was “excessively fast-paced” and should be scaled back this year. 

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