China Credit Growth Misses Forecasts as Household Borrowing Weakens

China’s new bank lending and total social financing grew at a slower pace in March from a year earlier, missing market expectations as weak household borrowing offset a surge in corporate bond issuance.

The weaker-than-expected credit data highlight the continued drag from the country’s property sector slump and point to a structural shift as companies increasingly bypass traditional bank loans in favor of cheaper direct financing.