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FOCUS | CHINA Please refer to important information at
22 February 2019 the end of this report
MARKET ECONOMICS | EM STRATEGY
How much more credit growth can there be?
KEY MESSAGES A big challenge facing the People’s Bank of China (PBoC)
last year was how to channel rich liquidity in the financial
Credit growth is set to accelerate this year, as the system and through to the real economy. Eventually, signs
government has adopted an expansionary monetary of improvement were seen in January, as new loans and
and credit policy for overall economic stability. total social financing (TSF) hit record highs.
The effects have been immediate, and monetary In theory, credit supply is essential to boost economic
indicators are all showing an upward trend for January. growth. But we have found that in past years, the
TSF flow, in particular, surged more than 50% y/y. relationship between credit supply and economic growth
has faded substantially, largely because of the burgeoning
However, the rebound in credit growth this time should burden of interest payments (due to extremely high
be much more muted than previous credit cycle leverage), the large boom in high-leverage property and
upturns, in our view.
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