BEIJING, April 18 Reuters China39;s central bank cautioned on Thursday against a onesided pursuit of credit expansion after data showed a slowdown in bank lending, vowing to prioritise the quality of credit over size and move to revitalise existing loans.

New bank lending in China rose less than expected in March from the previous month, while broad credit growth hit a record low, boosting the case for the central bank to roll out more stimulus steps to help achieve an ambitious growth target.

The central bank will channel more funds into technology innovation, green manufacturing and small firms, the Communist party committee of the People39;s Bank of China PBOC said in an article in the official People39;s Daily.

With the transition of the economy from highspeed growth to highquality development, … it is even more necessary to change the traditional mindset of onesided pursuit of scale and establish the concept of prioritising quality and efficiency, the PBOC said.

Credit allocation should ultimately be in line with the needs of highquality development of the real economy. The key is to grasp the level well, rather than the more, the better.

The central bank will guide financial institutions to maintain balanced credit allocation and boost stability and sustainability of loan growth, it said.

The world39;s secondbiggest economy grew faster than expected in the first quarter, but several March indicators, such as property investment, retail sales and industrial…