Big Four banks' loans up in first half of July

The Big Four State-owned Chinese commercial banks made more loans in the first half of July, Caijing magazine reported on Thursday.

Industrial & Commercial Bank of China Ltd, China Construction Bank Co, Bank of China Ltd and Agricultural Bank of China Ltd together lent out 50 billion yuan ($7.85 billion), twice as much as in the same period of last month, the magazine said.

The report said one reason for the increase is that water conservancy and communications projects have gone through the application and examination processes that they must go through to receive loans.

Industry experts said medium- and long-term loans will be more common in July.