We study credit allocation across rms and its real e ects during China's economic stimulus plan of 2009-2010. We match con dential loan-level data from the 19 largest Chinese banks with rm-level data on manufacturing rms. We document that the stimulus-driven credit expansion disproportionately favored state-owned rms and rms with lower average product of capital, reversing the process of capital reallocation towards private rms that characterized China's high growth before
2008. We argue that implicit government guarantees for state-connected rms become more prominent during recessions and can explain this reversal.
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