Bank loans to China's energy-consuming and high-polluting sectors slowed down in the first five months this year as the government strived to save energy and reduce greenhouse gas emissions.
Outstanding loans from major Chinese banks to these sectors rose by 104 billion yuan (13.5 billion yuan) in the first five months to 1.5 trillion yuan, the China Banking Regulatory Commission (CBRC) said in a statement on Friday.
The increase was 52.7 billion yuan less than the rise in the same period last year.
The energy-consuming and high-polluting sectors in China are those involving oil processing and coking, chemicals, construction materials, iron and steel, non-ferrous metals, and power generation.
Most new loans were granted to large firms with advanced production methods and environmentally friendly techniques, while financing was cut to small plants with high energy consumption and pollutant discharges.
Banking institutions should continue to monitor energy-consuming and high-polluting sectors and "resolutely recall" loans from firms that failed to meet environmental standards, said the statement.
"Banks have tightened control on lending to these sectors, but with their production still surging, the task of reducing energy consumption and emissions remains arduous," said Liu Chengxiang, a statistics official with the CBRC.
The CBRC, China's banking watchdog, vowed to overhaul the banks where outstanding loans to the restricted sectors continue to soar.
Source: Xinhua
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