Chinese banks rein in support to yards

Beijing: Chinese banks will not provide credit to new projects in industries suffering from overcapacity, Shang Fulin, president of the China Banking Regulatory Commission said during an industry conference. Both shipbuilding and steel making are deemed to be suffering from overcapacity. 

Some Chinese banks, such as Agriculture Bank of China and China Everbright Bank have confirmed that they will control their credit to the shipbuilding industry for at least the next three years, Shang noted. [06/11/13]

Related Posts