Credit data ease concerns over growth

Better-than-expected credit growth in August eased some concerns over the momentum of the economy, while sluggish corporate lending points to the need for stronger fiscal policy, analysts said.

New credit growth in August registered 948.7 billion yuan ($142.1 billion), up by 17.1 percent year-on-year, according to data released on Wednesday by People's Bank of China.

Total social financing, the central bank's gauge of the broad measure of credit in the economy, was 1.47 trillion yuan in August - three times higher than the 487.9 billion yuan in the previous month.