The rise in the annual growth rate of bank loans to the non-financial private sector reflects both a further slight increase in the positive growth of loans to households and a gradually less negative annual growth rate in loans to non-financial corporations.
But there are actually a few runs on the board now  •  the level of gross investment in some sectors is barely above depreciation rates  •  the population is growing, meaning there will be more demand for housing, infrastructure and consumer goods and services  •  the dynamic of proximity to a rising Asia, with all its opportunities, remains.