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China’s Loans, Money Supply Surge in Records on Stimulus Plan

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China’s new lending surged by more than six times to a record 1.89 trillion yuan ($277 billion) in March from a year earlier, adding to signs that growth in the world’s third-biggest economy is gathering pace.

M2, the broadest measure of money supply, grew 25.5 percent, the central bank said on its Web site today. That was the fastest pace since Bloomberg data began in 1998 and more than the 21.5 percent median estimate in a survey of 12 economists.

President Hu Jintao said April 1 that China’s 4 trillion yuan ($585 billion) stimulus plan was taking effect, after urban fixed-asset investment surged 26.5 percent in the first two months. China’s lending boom contrasts with the struggle in the U.S. to rid banks of illiquid assets and efforts by central banks from Switzerland to Japan to unfreeze credit.