The Big Four Banks (China Construction Bank, ICBC, Bank of China and Agricultural Bank of China) have only loaned 34B RMB in the first 20 days of May. Compare this with the 1.01T RMB loaned in March, and we can see a significant decrease in lending activity.
However, at the end of May, it appears Chinese banks have finally started to free credit and reverse the recent lending slowdown. In the last 11 days of May, Chinese banks lent 219B RMB to bring the total lent for May up to 253B RMB. This development is extremely interesting considering it comes at a time when the Chinese government is also fast-tracking infrastructure projects and when other measures have been taken by the Chinese government to stimulate China's slowing economy. The main question will be the exact extent of China's stimulus plan: will it be a rerun of the 2008 massive stimulus package (not likely according to Chinese government officials and analysts) or will it be much smaller in scale?
On the subject of stimulus, BusinessInsider notes that there is a possibility of a "globally coordinated bazooka."