China's four big banks extended less than 250 billion yuan ($39 billion) in new loans in May, said Liu Yuhui, a researcher at the Chinese Academy of Social Sciences.

Speaking in a telephone interview, Liu cited data from the banks, without saying how he knew that information. The China Securities Journal reported on Tuesday that the lenders, Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd and Agricultural Bank of China Ltd, made 253 billion yuan in new loans. It didn't cite a source.

China Daily-Agencies