Real economy gets impetus from buoyant credit growth

New loans for private businesses rise by nearly 20% during the first quarter

Credit growth has played a key role in stabilizing the real economy so far this year, while monetary policy will continue to lend support for the private sector over the rest of the year, analysts said.

"Basically all the recent financial data indicated that credit expansion has bolstered the real economy, rather than leading to major bubbles in property and stock markets," said Liu Chunsheng, an associate professor with the Central University of Finance and Economics in Beijing.