China’s financial regulator may be poised to crack down on bank lending practices to try to prevent money from the Government’s $585 billion (£392 billion) stimulus package being used to fuel stock and property speculation.
Expectation of such a move comes as the Government yesterday revealed that China’s economy expanded at only 6.1 per cent in the first quarter of this year – the most anaemic phase of growth since quarterly records began more than 15 years ago.
A sharp fall in exports, rising unemployment and the closure of tens of thousands of factories were behind the drop in GDP growth, although several analysts said that the figures could indicate the low-water mark for what is now the world’s third-biggest economy, behind the US and Japan.
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