Industrial and Commercial Bank of China, the world's largest lender by market value, said yesterday it would rein in lending to some borrowers in response to government attempts to slow explosive loan growth in the country.

But the bank stressed it did not intend to stop all lending and would continue to fund projects already under construction as well as small businesses, consumer credit and “key industries and areas” – a reference to sectors and regions that enjoy explicit policy support from the central government.

“ICBC will not rush to lend, nor will it stop lending,” the bank said in a statement. But it will “strictly control lending to new projects, and strictly limit lending to industries that are pollution or emissions intensive or which experience overcapacity”.