According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB29.33 trillion in the first three quarters of 2023, up RMB1.41 trillion from the same period of 2022. Specifically, RMB loans to the real economy registered an increase of RMB19.52 trillion, RMB1.55 trillion more than the increase in the same period of 2022; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB136.5 billion, RMB85.2 billion less than the decrease in the same period of 2022; entrusted loans registered an increase of RMB105.7 billion, RMB224.1 billion less than the increase in the same period of 2022; trust loans recorded an increase of RMB63.9 billion, RMB545.3 billion more than the increase in the same period of 2022; undiscounted bankers' acceptances recorded an increase of RMB241.7 billion, RMB330.9 billion more than the increase in the same period of 2022; net financing of corporate bonds was RMB1.63 trillion, down RMB612.8 billion year on year (y-o-y); net financing of government bonds was RMB5.96 trillion, up RMB46.2 billion y-o-y; domestic equity financing by non-financial enterprises was RMB674.4 billion, down RMB199.4 billion y-o-y. The aggregate financing to the real economy (AFRE) (flow) was RMB4.12 trillion in September 2023, up RMB563.8 billion from the same period of 2022.

By structure, RMB loans to the real economy accounted for 66.6 percent of AFRE (flow) in the first three quarters of 2023, up 2.2 percentage points y-o-y; foreign currency-denominated loans to the real economy (RMB equivalent) accounted for -0.5 percent, up 0.3 percentage points y-o-y; entrusted loans accounted for 0.4 percent, down 0.8 percentage points y-o-y; trust loans accounted for 0.2 percent, up 1.9 percentage points y-o-y; undiscounted bankers’ acceptances accounted for 0.8 percent, up 1.1 percentage points y-o-y; corporate bonds accounted for 5.5 percent, down 2.5 percentage points y-o-y; government bonds accounted for 20.3 percent, down 0.9 percentage points y-o-y; domestic equity financing of non-financial enterprises accounted for 2.3 percent, down 0.8 percentage points 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, National Administration of Financial Regulation (NAFR), 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. At end-January 2023, the balance of RMB loans issued to the real economy by the above-mentioned institutions registered RMB841.0 billion, up RMB5.7 billion month on month; the balance of loan write-offs registered RMB170.6 billion, up RMB3.0 billion month on month. The statistics in this report are on a comparable basis.