Bank lending may exceed 1.3 trillion yuan in January despite the government-imposed credit clampdown on the potential risk of inflation and asset bubbles, analysts said.

"We see January net new lending at about 1.35 trillion yuan the slower loan growth is mainly the result of early government action to control lending," said Wang Tao, head of China economic research at UBS Securities.

China's new loan data is under market scrutiny this year after record credit expansion last year drove recovery in the country's slowing economy. The central bank is scheduled to release January loan figures this week.