Aside from the steady easing of monetary policy, liquidity injections of unprecedented levels through offers of rounds of term facilities and specialized arrangements, and taking off illiquid securities off the financial institutions’ books etc., to a range of fiscal tax breaks and financial market revival packages that aim to recapitalize banks, liquidate troubled assets and further lubricate financial institutions have been offered.
On the other hand, credit demand in the private sector is declining faster mainly due to a decrease in business fixed investment while firms continue to reduce their debts. In view of this, the year-on-year rate of decline in private banks’ lending is expanding slightly. The growth rate of amount outstanding of corporate bonds issued is about 2 percent on a year-on-year basis.