China's new bank loans surge, boosting growth prospects

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China's new bank loans surge, boosting growth prospects

STORY: China's new bank loans surge, boosting growth prospects DATELINE: Feb. 10, 2023 LENGTH: 00:01:36 LOCATION: Beijing CATEGORY: SOCIETY SHOTLIST: 1. various of views of China 2. SOUNDBITE 1 (English): THOMAS HELBLING, Deputy Director of the IMF's Asia and Pacific Department 3. SOUNDBITE 2 (English): LIANG GUOYONG, Senior economist with United Nations Conference on Trade and Development STORYLINE: According to the People's Bank of China, the country's new yuan-denominated loans totaled 4.9 trillion yuan (721.82 billion U.S. dollars) in January, up by 922.7 billion yuan from the same period last year. Meanwhile, the total outstanding yuan deposits stood at 265.39 trillion yuan, up 12.4 percent year on year. In January, the purchasing managers' index (PMI) for China's manufacturing sector came in at 50.1, returning to expansion territory after three consecutive months of contraction. The encouraging indicators bespeak a faster-than-expected recovery of China's economy. The International Monetary Fund

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