Chinese banks are ordered to cut lending to 5 sectors

Shang Fulin, chairman of the China Banking Regulatory Commission, says banks are prohibited from providing additional credit for projects in industries with excess capacity. The State Council says five sectors are severely overcapacity: steel, flat glass, cement, electrolytic aluminium and shipbuilding. The council has told local governments to stop construction of capacity in those industries.

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Global Times (China) · China Daily (Beijing) · CCTV International (China)

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