The Central Bank of the Republic of China published preliminary statistics showing total social financing outstanding of CNY 430.22 trillion at end-June 2025, an 8.9% increase year on year. Renminbi loans to the real economy remained the largest component, while government bond financing continued to grow strongly and increased its share of the total. Outstanding renminbi loans to the real economy were CNY 265.22 trillion, up 7% year on year, representing 61.6% of the total social financing stock, down 1.2 percentage points. Government bond financing totalled CNY 88.74 trillion, up 21.3%, accounting for 20.6% of the total, up 2.1 percentage points. Other components included foreign-currency loans to the real economy equivalent to CNY 1.22 trillion, down 26.6% with a 0.3% share; entrusted loans of CNY 11.18 trillion, flat with a 2.6% share; trust loans of CNY 4.45 trillion, up 5.5% with a 1.0% share; undiscounted bank acceptance bills of CNY 2.08 trillion, down 7.4% with a 0.5% share; corporate bonds of CNY 33.13 trillion, up 3.5% with a 7.7% share; and domestic equity financing by non-financial corporates of CNY 11.89 trillion, up 2.9% with a 2.8% share. The release reiterates that the total social financing stock measures the end-period balance of funds obtained by the real economy from the financial system and draws on multiple official data sources. It also notes that, from January 2023, certain non-deposit-taking banking-sector financial institutions were added to the statistical scope, leading to adjustments to the renminbi loan and loan write-off series used in the total social financing framework.

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