????繼今年7月出現(xiàn)大幅下跌后，中國(guó)銀行新增貸款在8月份出現(xiàn)反彈，緩解了市場(chǎng)對(duì)房地產(chǎn)泡沫破裂或?qū)е陆?jīng)濟(jì)增速突然放緩的擔(dān)憂情緒。

????然而，貸款增速仍低于歷史水平。再考慮到8月份低于預(yù)期的通貨膨脹數(shù)據(jù)，中國(guó)政府可能會(huì)由此認(rèn)為有必要再次發(fā)力穩(wěn)增長(zhǎng)，以確保實(shí)現(xiàn)今年7.5%的增長(zhǎng)目標(biāo)，盡管此前他們承諾不會(huì)推出強(qiáng)刺激措施。

????根據(jù)國(guó)家統(tǒng)計(jì)局的數(shù)據(jù)，截止今年8月份，居民消費(fèi)價(jià)格同比僅上漲2.0%，而工業(yè)品出廠價(jià)格則同比下降1.2%。

????中國(guó)人民銀行表示，8月份的社會(huì)融資總量（衡量官方銀行和影子銀行總放貸量的廣義指標(biāo)）為9574億元（約合1561億美元），較7月份的2731億元大幅上升。7月份社會(huì)融資總量為6年來(lái)最低，并大幅低于市場(chǎng)預(yù)期，促使中國(guó)人民銀行打破常規(guī)，出面解釋了一番這種狀況。

????但據(jù)路透社（Reuters）統(tǒng)計(jì)，8月份的社會(huì)融資總量與去年同期的1.57萬(wàn)億元相比仍然下降了超過三分之一，也遠(yuǎn)低于今年迄今為止1.75萬(wàn)億元的月平均水平。

????社會(huì)融資總量下降的主要原因是，近幾個(gè)月來(lái)政府接連對(duì)圍繞官方貨幣政策“打擦邊球”的行為進(jìn)行重拳打擊，使來(lái)自規(guī)模龐大、疏于監(jiān)管的影子銀行體系中的信貸供應(yīng)幾近枯竭。與此同時(shí)，政府還鼓勵(lì)大型銀行向中小型企業(yè)放貸，而不是只專注于信用風(fēng)險(xiǎn)較低的大型國(guó)企客戶。

????據(jù)路透社報(bào)道，8月份，正規(guī)銀行部門新增貸款占比為73%，高于上年同期的51%。

????今年以來(lái)，這個(gè)世界第二大經(jīng)濟(jì)體的信貸需求已大幅放緩，而房?jī)r(jià)掉頭向下，使得銀行業(yè)面臨地產(chǎn)貸款出現(xiàn)重大損失的風(fēng)險(xiǎn)。

????但李克強(qiáng)總理本周一表示，中國(guó)不會(huì)像今年4月那樣再次放松信貸門檻。他表示，更重要的是要實(shí)行定向調(diào)控，把已有的存量貨幣和增量貨幣向經(jīng)濟(jì)中效率更高的產(chǎn)業(yè)傾斜，如中小企業(yè)。

????8月份，正規(guī)金融部門的新增貸款額從7月的3850億元反彈至7025億元，比去年同期增長(zhǎng)13.3%。（財(cái)富中文網(wǎng)）

????譯員：Sissi

????New lending by Chinese banks bounced back in August from a scary drop in July, easing fears that the end of a housing bubble will cause an abrupt slowdown in the economy.

????However, loan growth remained below historical levels. That, coupled with surprisingly low inflation numbers for August, suggests that the authorities may yet feel the need to pump the economy once again to ensure it reaches their target of 7.5% growth this year–despite promises that they won’t.

????Consumer prices rose by only 2.0% in the year to August, while factory gate prices fell by 1.2% on the year, according to the National Bureau of Statistics.

????The People’s Bank of China said total social financing, a broad measure of lending by both the official and shadow banking sectors, was 957.4 billion yuan (US$156.1 billion) in August, up sharply from 273.1 billion yuan in July. That figure had been a six-year low and was so out of line with expectations that the PBoC broke with tradition to explain away what had happened.

????But that was still down by over a third from 1.57 trillion yuan in August last year, and also well below a monthly average of 1.75 trillion of yuan so far this year, according to calculations by Reuters.

????The decline is due largely to the fact that credit from the huge and loosely-regulated shadow banking sector has dried up in recent months, as the authorities have clamped down on efforts to get round an official monetary policy. At the same time, they have tried to incentivize the larger, official banks to lend more to small and medium-sized enterprises, instead of focusing on bigger, state-backed enterprises that pose a lower credit risk.

????According to Reuters, the share of the official banking sector in new lending in August was 73%, up from only 51% a year ago.

????Credit demand in the world’s second-largest economy has slowed sharply this year as property prices have turned down, exposing banks to big losses on their real-estate loans.

????But Premier Li Keqiang said on Monday that China wouldn’t loosen credit conditions again, the way it had done in April, saying that it was more important to target existing support more precisely at more productive sectors of the economy, such as SMEs.

????New loans from the official banking sector rebounded to 702.5 billion yuan in August, from 385 billion in July. They’re now up 13.3% from a year ago.