New loans from the top four State-owned banks surged to 320 billion yuan ($53 billion) from Jan 1 to 12, according to Shanghai Securities News.

The banks extended 270 billion yuan in loans for the same period last year. The lending spree continued at the beginning of this year in expectation of early returns, said the Shanghai Securities News

Loans in January will easily pass 1 trillion yuan, despite a cooling toward the end of the month, experts said.

Deposits held by the four largest banks decreased 550 billion yuan by Jan 12, in stark contrast to a 1.2 trillion yuan increase in December last year.