According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB22.83 trillion in the first half of 2025, up RMB4.74 trillion from the same period of 2024. Specifically, RMB loans to the real economy registered an increase of RMB12.74 trillion, RMB279.6 billion more than the increase in the same period of 2024; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB63.8 billion, RMB55.8 billion more than the decrease in the same period of 2024; entrusted loans registered a decrease of RMB51.3 billion, RMB40.4 billion less than the decrease in the same period of 2024; trust loans recorded an increase of RMB144.3 billion, RMB165.5 billion less than the increase in the same period of 2024; undiscounted bankers’ acceptances recorded a decrease of RMB55.7 billion, RMB180.8 billion less than the decrease in the same period of 2024; net financing of corporate bonds was RMB1.15 trillion, down RMB256.2 billion year on year (y-o-y); net financing of government bonds was RMB7.66 trillion, up RMB4.32 trillion y-o-y; domestic equity financing by non-financial enterprises was RMB170.7 billion, up RMB49.3 billion y-o-y.
Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the PBOC, NFRA, CSRC, CCDC, NAFMII, etc.
Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions, namely consumer finance companies, wealth management companies, and financial asset investment companies, into financial statistics, hence adjustments to “RMB loans to the real economy” and “loan write-offs” in AFRE.
