In its fight against economic imbalances, China is now seeking to wield credit controls.

The government will enforce stringent control over new loans to polluting or energy-depleting industries or those with severe overcapacities said the central bank in a statement on December 23.

The State Council had previously pointed to nine industries as the most distressed, including the steel, cement, plate glass, coal chemicals and wind turbine industries. According to data from the Shanghai Wind Information Co. Ltd., a consulting firm, 17 Shanghai-listed companies in the nine sectors are currently waiting for approval for their refinancing plans with a combined value of nearly 90 billion yuan ($13.2 billion). But analysts believe they are less likely to get the green light, which would come as a relief for the stock market already saddled with share oversupplies.

The credit control would be a needed accelerator for the country's economic shift to a more healthy growth, said Lu Zhenwei, chief economist with the Industrial Bank Co. Ltd.

The credit supply is less likely to fall sharply in 2010, but will be more rational and balanced, he added.