The Financial Times take on the data out of China yesterday
(Data is here: New loans highest since January of 2004 )
The FT says:
China's record expansion of credit in January reveals Beijing's policy priorities
It sees avoiding a "hard landing" for the economy as more critical than imposing control over what some analysts call a debt "bubble"
Several other strands of China's broader economic policy were also discernible in the January lending numbers. Beijing wants to
- funnel relief to debt-laden companies
- crank up investment
- boost the property market
- pay off foreign loans
- and use the bond market to effectively bail out local governments
FT may be gated: China prioritises growth over deleveraging
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That's a long shopping list of goals.
