Bank loans made in China in January amounted to 1.62 trillion yuan (237.19 billion U.S. dollars), an increase of 814.1 billion yuan, or 103.6 percent, from 2008's same month, the People's Bank of China, the central bank, said Thursday.

Boosted by China's ambitious economic stimulus plan, credit has been robust since late last year. Loans made nationwide stood at 771.8 billion yuan in December, up by 723.3 billion yuan from a year earlier.

This is quite a contrast to the "stimulus" in the US, isn't it? Instead of gazillions vaporizing into bank balance sheets, and an expansion of tax cuts (which will NOT mostly go into consumer spending or investment) and government, China is actually funding projects. It will be interesting to see how this plays out.

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