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Bankers feel the pinch

By Xiao Xin (China Daily)
Updated: 2008-06-26 09:45

The central bank said in a separate survey that bankers and businessmen were feeling the pinch of the tight monetary policy.

The survey of bankers shows that 66.1 percent of respondents believed that the current monetary policy was either "too tight" or "a bit too tight", marking an all-time high. Meanwhile, only 31.2 percent of those surveyed held that the monetary policy was "appropriate", the percentage dropping for five straight quarters.

Bankers believed the current tight policy was working well and therefore fewer expected an interest rate increase in the third quarter, the survey showed.

Chinese policymakers have started to tighten the monetary policy since last year as the economy expanded by a blistering 11.9 percent in 2007. Fixed-asset investment and inflation have also remained at high levels, calling for policymakers to keep the tighten credit.

The enterprises have felt the pressure. Some 27 percent of the 5,530 businessmen held that the control of banks' credit was "a bit too tight", the highest in three years. About 36 percent agreed that the current interest rates were "a bit too high", the highest since 1997. Some cash-thirsty enterprises have turned to "underground banks" for money, according to some media reports.