China’s banking watchdog said on Monday it has ordered fresh checks into loans to sectors such as steel, aluminium and property, the latest move to try to rein in red-hot investment seen as threatening healthy economic growth.The probe would cover financial institutions ranging from the big four state banks to rural credit cooperatives, and would look mainly at loans to projects involving more than $3.6 million, the China Banking Regulatory Commission said.The campaign, ordered at a recent forum to discuss a cabinet order to look into rampant fixed asset investment, would focus on loans to industries such as steel, as well as projects like golf courses, government offices and shopping arcades. “The entire process must be conducted swiftly, with no dragging or delay, “it said.— Reuters
