50 40 30 20 10 6.35 0 6.40 -10 Stwa$1 Saw sum 6.10 6.15 6.20 625 -20 6.45 .10 3 u6M J4411 444.12 Jan43 Jan-14 !17451$6i Ka& by Oxbow.. &Ka antbfliv Sol bast Oriaskasat WC Medea rhows1P I Figure 13: More credit required for every incremental bit of GDP growth 18.0 CNY trn 10.0 14.0