Bank lending to be cut back next year

Chinese banks are set to cut back lending in 2010 but the number and size of loans will still be instrumental in supporting the nation's economic growth and industrial restructuring drive, senior experts and industry insiders said.

Despite the government's pledge to maintain a moderately loose monetary policy next year, the credit flood this year could not be repeated, a top executive at Bank of China told China Daily on condition of anonymity.

"The regulator has ordered banks to control the pace of lending next year, and credit growth is likely to be maintained at about an annualized 17 percent," he said.