The Central Bank of the Republic of China published preliminary total social financing data showing that the cumulative increase in funds provided to the real economy totalled CNY 16.34 trillion in the first four months of 2025, up CNY 3.61 trillion from the same period in 2024. By component, renminbi loans to the real economy rose CNY 9.78 trillion (up CNY 339.7 billion year on year), while foreign-currency loans in renminbi terms fell CNY 109.8 billion (a larger decline by CNY 231.1 billion). Entrusted loans increased CNY 5.3 billion and trust loans rose CNY 45.4 billion, while undiscounted bankers’ acceptances grew CNY 250.6 billion. Net corporate bond financing was CNY 759.1 billion (down CNY 409.5 billion year on year) and net government bond financing was CNY 4.85 trillion (up CNY 3.58 trillion); domestic equity financing by non-financial firms totalled CNY 135.3 billion (up CNY 40.4 billion). The release also notes that, from January 2023, certain non-deposit-taking financial institutions were added to the statistical coverage, with corresponding adjustments to the “renminbi loans to the real economy” and “loan write-offs” series.
Central Bank of the Republic of China 2025-05-14
Central Bank of the Republic of China reports CNY 16.34 trillion increase in total social financing in the first four months of 2025
The Central Bank of the Republic of China reported a CNY 16.34 trillion increase in total social financing to the real economy for the first four months of 2025, a rise of CNY 3.61 trillion from the same period in 2024. Renminbi loans increased by CNY 9.78 trillion, while foreign-currency loans decreased by CNY 109.8 billion. Adjustments were made to statistical coverage from January 2023, including non-deposit-taking financial institutions.