Central Bank of the Republic of China publishes 2024 social financing data showing a CNY 32.26 trillion increase

The Central Bank of the Republic of China released preliminary figures for 2024 showing total new “social financing” to the real economy of CNY 32.26 trillion, down CNY 3.32 trillion from the prior year. RMB loans to the real economy rose by CNY 17.05 trillion (CNY 5.17 trillion less year on year), while net government bond financing reached CNY 11.3 trillion (up CNY 1.69 trillion). Other components included a CNY 391.6 billion fall in foreign-currency loans (on a CNY-converted basis), a CNY 57.7 billion decline in entrusted loans, a CNY 397.6 billion rise in trust loans, and a CNY 329.5 billion decrease in undiscounted bankers’ acceptances. Net corporate bond financing was CNY 1.91 trillion (up CNY 283.9 billion), while domestic equity financing by non-financial corporates was CNY 290.0 billion (down CNY 503.1 billion). The central bank noted that, for comparability, it expanded statistical coverage from January 2023 to include consumer finance companies, wealth management companies and financial asset investment companies, with corresponding adjustments to the “RMB loans to the real economy” and “loan write-offs” items.