The People’s Bank of China published preliminary data showing that total social financing increased by CNY 15.18 trillion in the first quarter of 2025, up CNY 2.37 trillion from the same period a year earlier. The total social financing increment measures the funds the real economy obtains from the financial system. By component, CNY loans to the real economy rose by CNY 9.70 trillion, an increase of CNY 586.2 billion year on year, while foreign currency loans to the real economy fell by CNY 96.7 billion, a larger decline by CNY 249.0 billion than a year earlier. Entrusted loans increased by CNY 5.5 billion, trust loans by CNY 53.1 billion, and undiscounted bankers’ acceptances by CNY 530.0 billion, while net corporate bond financing was CNY 525.1 billion and net government bond financing was CNY 3.87 trillion. Domestic equity financing by non-financial firms totalled CNY 96.2 billion. The release also notes that, from January 2023, consumer finance companies, wealth management companies and financial asset investment companies were brought into the statistical scope, with related adjustments to the “CNY loans to the real economy” and “loan write-offs” series.
Central Bank of the Republic of China 2025-04-13
People’s Bank of China reports CNY 15.18 trillion increase in total social financing in Q1 2025
The People's Bank of China reported a CNY 15.18 trillion increase in total social financing for Q1 2025, up CNY 2.37 trillion from the previous year. CNY loans to the real economy rose by CNY 9.70 trillion, while foreign currency loans declined by CNY 96.7 billion. The data now includes consumer finance, wealth management, and financial asset investment companies, affecting the "CNY loans to the real economy" and "loan write-offs" series.