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Beijing’s attempts to slow down the rate of credit growth in China have not had much effect, if first quarter results from Agricultural Bank of China are any guide. Agricultural Bank of China increased lending by 5.2% during the first quarter of 2011, according to an HKSE filing. This happened in the same three months as Beijing was busy raising reserve requirements with three increases in the period and a fourth coming this week, after six hikes during 2010. AgBank’s lending remains heavily skewed towards the corporate sector: corporate loans totalled RMB3,789bn during the first quarter, compared to RMB1,237bn in retail loans. The rapid rise in net interest income and in fee income gave AgBank a healthy 36.4% increase in net profits compared to the first quarter of last year. Will Beijing allow this to go on? Philip Poole, head of investment strategy at HSBC Global Asset Managament, believes China’s leaders do have the political will to take unpopular measures. “During the crisis the focus was on employment, especially given the continuing high rate of migration from rural to urban areas. But now the focus has shifted and inflation is the overriding concern.” Words Expressions credit growth 信贷增长 More recently, a rise in the MCI indicates a tightening of monetary conditions, reflecting primarily a sharp slowdown in credit growth. 近期货币状况指数上升显示货币状况收紧,?主要反映信贷增长显著放缓。 HKSE Hong Kong Stock Exchange 香港交易所 reserve requirement 存款准备金 China‘s central bank today raised the reserve requirement ratio by 50 basis points to 15%. 中国央行昨日将存款准备金率上调50个基点至15%。 skew 歪斜 The capital‘s property numbers skew national housing statistic. 首都的房地产数目影响了全国统计数据的准确性。 overriding 最主要的 It is of overriding importance to finish the project this week. 最重要的是本星期要完成这一项目。 Background Information “信贷”即信用贷款，是指以借款人的信誉发放的贷款，借款人不需要提供担保。其特征就是债务人无需提供抵押品或第三方担保仅凭自己的信誉就能取得贷款，并引以借款人信用程度作为还款保证的。这种信用贷款是我国银行长期以来的主要放款方式。由于这种贷款方式风险较大，一般要对借款方的经济效益、经营管理水平、发展前景等情况进行详细的考察，以降低风险。 Thank you * /story/001038331/en AgBank Boost