The People's Bank of China published preliminary year-end 2024 statistics on the stock of total social financing, the end-period balance of funds the real economy obtains from the financial system. Outstanding total social financing was CNY 408.34tn, up 8% year on year. RMB loans to the real economy stood at CNY 252.53tn (+7.2%) and accounted for 61.8% of the total, down 0.5 percentage points. Other components were foreign currency loans (RMB equivalent) of CNY 1.29tn (-22.3%, 0.3% share), entrusted loans of CNY 11.21tn (-0.5%, 2.7%), trust loans of CNY 4.30tn (+10.2%, 1.1%), undiscounted bankers’ acceptances of CNY 2.15tn (-13.3%, 0.5%), corporate bonds of CNY 32.30tn (+3.8%, 7.9%), government bonds of CNY 81.09tn (+16.2%, 19.9%) and domestic equity financing by non-financial corporates of CNY 11.72tn (+2.5%, 2.9%). The PBoC also noted that it expanded statistical coverage from January 2023 to include consumer finance companies, wealth management companies and financial asset investment companies, and adjusted the relevant series on a comparable basis.
Central Bank of the Republic of China 2025-01-14
People's Bank of China publishes preliminary 2024 year-end total social financing stock at CNY 408.34tn
The People's Bank of China reported preliminary year-end 2024 statistics showing total social financing at CNY 408.34 trillion, an 8% increase year-on-year. RMB loans to the real economy were CNY 252.53 trillion, representing 61.8% of the total, while government bonds saw a 16.2% rise to CNY 81.09 trillion. The PBoC expanded statistical coverage from January 2023 to include consumer finance, wealth management, and financial asset investment firms.