Big Bang: China’s Bank Lending and Fiscal Stimulus Programs, 2008–2010 Stimulus (RMB billions) 2008 2009 2010 Fiscal deficit 111 950 650 Net new bank loans 252 5070 1936 Net new bond finance 251 467 -232 Total 614 6487 2354 Stimulus (% GDP) Fiscal deficit 0.4% 2.8% 1.6% Net new bank loans 0.8% 15.1% 4.9% Net new bond finance 0.8% 1.4% -0.6% Total 2.0% 19.3% 5.9% Source: C. Wong, “The Fiscal Stimulus Program and Problems
