Take this financial crisis as a chance, China is going to enhance its economy power by putting money in its modern "Rooseveirs New Deal".
China's banking regulator said Saturday the government's target of new loans this year is not limited to 5 trillion yuan, and all funds should help keep the sustainable and rapid development of the economy.
Liu Mingkang, chairman of the China Banking Regulatory Commission, made the remarks at a panel discussion of the Boao Forum for Asia (BFA).
The government said earlier it expected Chinese banks to extend about 5 trillion yuan of new loans this year. However, new loans in the first quarter of this year already exceeded 93 percent of the figure.
The amount of new loans boomed in the first three months because a considerable number of projects passed evaluation procedures and were put into operation, said Liu.
The new loans went mainly to infrastructure construction and would not result in excessive industrial output capacity, he said.
Funds also went to projects that improve people's livelihood, and business-related sectors such as inventory and logistics, he said.
Agriculture-related loans saw a major increase of 28.3 percent,1.3 percentage points more than the average increase rate. In this sense, there was an evidence of more developed finance services in rural areas, said Liu.
In the middle-west China cities, like Chengdu and Chongqing, new skyscrapers creat new height and more and more old building are taken down to build new ones. That loan creats the new city sight, instead of improving the social security system.
Some chinese starts to think why the numbers on GDP is that important.
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