Central Bank of the Republic of China releases preliminary first half of 2025 social financing data showing a CNY 22.83tn increase

The Central Bank of the Republic of China published preliminary statistics showing that aggregate social financing in the first half of 2025 increased by CNY 22.83tn, CNY 4.74tn more than in the same period a year earlier. The social financing increment is defined as the amount of funding obtained by the real economy from the financial system over a given period. RMB loans to the real economy increased by CNY 12.74tn, up CNY 279.6bn year on year, while foreign-currency loans to the real economy decreased by CNY 63.8bn on a RMB-converted basis, a larger decline by CNY 55.8bn. Entrusted loans fell by CNY 51.3bn and undiscounted bankers’ acceptances fell by CNY 55.7bn, both smaller declines than a year earlier, and trust loans increased by CNY 144.3bn but by CNY 165.5bn less than a year earlier. Net financing via corporate bonds was CNY 1.15tn, down CNY 256.2bn, while government bond net financing reached CNY 7.66tn, up CNY 4.32tn, and domestic equity financing by non-financial corporates totaled CNY 170.7bn, up CNY 49.3bn. The release notes that the figures draw on data from multiple authorities and market bodies, and that since January 2023 the statistical perimeter has been expanded to include three types of non-deposit-taking banking institutions, with corresponding adjustments to the RMB loan and loan write-off series.