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China steps up efforts to curb lending

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  • China steps up efforts to curb lending

    China's top banking regulator signalled the introduction of further restrictions to curb lending while saying loan growth would slow considerably this year

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    For China, the worry now is growing too fast

    The Chinese government acted after food prices edged up and news reports said bank lending skyrocketed in the first week of January.

    "This is a small first step towards reducing the very massive amounts of stimulus that they have been providing to their economy," said Mark Zandi, chief economist at Moody's Economy.com.

    China is pumping 4 trillion yuan, about $586 billion, into its economy in 2009 and 2010 through public works and help for industries. About 30 percent of the money is coming from Beijing, the rest from local governments, state companies and banks.

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    For China, the worry now is growing too fast - DailyFinance

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