New credit in China flows east – Jiangsu Province leads

BEIJING - Data released by the People’s Bank of China shows that more than half of China’s new credit for the first half of 2014 flowed to eastern coastal areas such as Beijing, Shanghai and Guangdong. Ten-provincial-level regions along and near China’s eastern seaboard borrowed a reported RMB5.19 trillion (USD843 billion), or 51.7% of the half’s RMB10.57 trillion in total aggregate financing.

East China’s Jiangsu province – the richest province in the country – borrowed most during the period, with aggregate financing of RMB1.04 trillion. In contrast, the region that borrowed the least was Southwest China’s Tibet autonomous region, which raised just RMB43.6 billion during the period. www.webershandwick.cn (ATI).