Alert on fast lending

China's credit growth in January is a reflection of the economy's steady rebound. However, the amount of growth raises concern.

The total new financing, an indicator of overall liquidity, amounted to 2.54 trillion yuan ($404.4 billion) in January, an increase of more than 50 percent on December and more than double that of a year ago. New yuan lending also exploded, reaching 1.07 trillion yuan, compared with 454 billion yuan in December and 738 billion a year ago.

Such growth can be rightly attributed to economy's solid recovery. The Chinese economy bottomed out in the last quarter of 2012 and the upturn continued into January.