According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB341.42 trillion at end-October, increasing 10.3 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB209.84 trillion, increasing 10.9 percent year on year; outstanding foreign currency-denominated loans to the real economy recorded RMB2.13 trillion, decreasing 7.7 percent year on year; outstanding entrusted loans registered RMB11.26 trillion, increasing 3.2 percent year on year; outstanding trust loans registered RMB3.86 trillion, declining 23.3 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.7 trillion, decreasing 15.5 percent year on year; outstanding corporate bonds registered RMB31.65 trillion, increasing 7.8 percent year on year; outstanding government bonds reached RMB59.25 trillion, increasing 16 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB10.41 trillion, increasing 13.9 percent year on year.

By structure, outstanding RMB loans to the real economy accounted for 61.5 percent of the total AFRE at end-October, increasing 0.4 percentage points year on year; outstanding foreign currency-denominated loans to the real economy accounted for 0.6 percent, decreasing 0.1 percentage points year on year; outstanding entrusted loans accounted for 3.3 percent, decreasing 0.2 percentage points year on year; outstanding trust loans accounted for 1.1 percent, decreasing 0.5 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.8 percent, decreasing 0.2 percentage points year on year; outstanding corporate bonds accounted for 9.3 percent, decreasing 0.2 percentage points year on year; outstanding government bonds accounted for 17.4 percent, increasing 0.9 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 3.1 percent, increasing 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 the PBC, CBIRC, CSRC, CCDC, NAFMII, etc.

Note 2: The PBC has further improved the statistics of AFRE since December 2019, by incorporating “central government bonds” and “local government general bonds” into the AFRE and combining them with the existing “local government special bonds” under the item “government bonds.” The value of this indicator is the face value of the bonds under custody. The PBC has improved the statistics of “corporate bonds” contained in the AFRE since September 2019 by incorporating into it “exchange-traded asset-backed corporate securities.” The PBC incorporated “local government special bonds” into the AFRE in September 2018, and incorporated “asset-backed securities of depository institutions” and “loans written off” into the AFRE statistics under the item “other financing” in July 2018 to improve the statistical method of the AFRE.

Note 3: The year-on-year statistics in this report are on a comparable basis.