According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB422.96 trillion at end-March 2025, increasing 8.4 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB262.18 trillion, increasing 7.2 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.19 trillion, decreasing 34.5 percent year on year; outstanding entrusted loans registered RMB11.24 trillion, increasing 0.6 percent year on year; outstanding trust loans registered RMB4.35 trillion, increasing 6.2 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.67 trillion, declining 12.1 percent year on year; outstanding corporate bonds registered RMB32.59 trillion, increasing 2.4 percent year on year; outstanding government bonds reached RMB84.96 trillion, increasing 19.4 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB11.82 trillion, increasing 2.7 percent year on year.
By structure, outstanding RMB loans to the real economy accounted for 62.0 percent of the total AFRE at end-March, decreasing 0.7 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.3 percent, decreasing 0.2 percentage points year on year; outstanding entrusted loans accounted for 2.7 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1.0 percent, decreasing 0.1 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.6 percent, decreasing 0.2 percentage points year on year; outstanding corporate bonds accounted for 7.7 percent, decreasing 0.5 percentage points year on year; outstanding government bonds accounted for 20.1 percent, increasing 1.9 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 2.8 percent, decreasing 0.1 percentage points year on year.
Note 1: AFRE (Stock) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of a month, end of a quarter or end of a year). In the calculation of AFRE, data are from PBOC, NFRA, CSRC, CCDC, NAFMII, etc.
Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions into financial statistics, namely consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to “RMB loans to the real economy” and “l(fā)oan written-offs” in AFRE.
