Chinese Banks Find Their Credit In High Demand

From Washington Post:

China’s state-owned banks have become a main engine of the global recovery, financing the construction of copper , purchase of airplanes, expansion of stores and other projects even as their U.S. and European counterparts scale back lending.

The surge in Chinese lending, triple the rate, has provided a lifeline to international corporations during the worst recession in decades, and it reflects a diversification in China’s global economic role beyond its holdings of vast amounts of debt.

Over the first nine months of 2009, new lending by Chinese banks has injected $1.3 trillion into the world economy, according to from the ’s Bank of China, which functions as China’s central bank. The beneficiaries have included U.S.-based Southwest Airlines, the Netherlands’ Aercap airplane leasing , Civil Authority in Dubai, and Foster’s brewery and Woolworths supermarket chain in Australia.

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