Report on Aggregate Financing to the Real Economy (Stock) (2022)
According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB344.21 trillion at end-2022, increasing 9.6 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB212.43 trillion, increasing 10.9 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.84 trillion, decreasing 17.4 percent year on year; outstanding entrusted loans registered RMB11.24 trillion, increasing 3.4 percent year on year; outstanding trust loans registered RMB3.75 trillion, declining 14 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB2.66 trillion, decreasing 11.6 percent year on year; outstanding corporate bonds registered RMB31.01 trillion, increasing 3.6 percent year on year; outstanding government bonds reached RMB60.19 trillion, increasing 13.4 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB10.64 trillion, increasing 12.4 percent year on year.
By structure, outstanding RMB loans to the real economy accounted for 61.7 percent of the total AFRE at end-2022, increasing 0.7 percentage points year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.5 percent, decreasing 0.2 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 0.3 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 percent, decreasing 0.5 percentage points year on year; outstanding government bonds accounted for 17.5 percent, increasing 0.6 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 PBC, CBIRC, CSRC, CCDC, NAFMII, etc.
Note 2: The year-on-year statistics in this report are on a comparable basis.
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