According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB14.53 trillion in Q1 2023 accumulatively, up RMB2.47 trillion from the same period of 2022. Specifically, RMB loans to the real economy registered an increase of RMB10.7 trillion, RMB2.36 trillion more than the increase in the same period of 2022; foreign currency-denominated loans to the real economy (RMB equivalent) recorded an increase of RMB60.6 billion, RMB114.4 billion less than the increase in the same period of 2022; entrusted loans registered an increase of RMB68.1 billion, RMB22.1 billion more than the increase in the same period of 2022; trust loans recorded a decrease of RMB4.1 billion, RMB164.9 billion less than the decrease in the same period of 2022; undiscounted bankers’ acceptances recorded an increase of RMB468.3 billion, RMB389.2 billion more than the increase in the same period of 2022; net financing of corporate bonds stood at RMB848.0 billion, down RMB471.8 billion year on year (y-o-y); net financing of government bonds was RMB1.83 trillion, up RMB247.0 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB214.9 billion, down RMB83.3 billion y-o-y. In March 2023, the AFRE (flow) posted RMB5.38 trillion, up RMB707.9 billion from the same period of 2022.

By structure, RMB loans to the real economy accounted for 73.6 percent of AFRE (flow) in Q1 2023, up 4.5 percentage points y-o-y; foreign currency-denominated loans to the real economy (RMB equivalent) accounted for 0.4 percent, down 1.1 percentage points y-o-y; entrusted loans accounted for 0.5 percent, up 0.1 percentage points y-o-y; trust loans accounted for -0.03 percent, up 1.4 percentage points y-o-y; undiscounted bankers’ acceptances accounted for 3.2 percent, up 2.5 percentage points y-o-y; corporate bonds accounted for 5.8 percent, down 5.1 percentage points y-o-y; government bonds accounted for 12.6 percent, down 0.5 percentage points y-o-y; domestic equity financing of non-financial enterprises accounted for 1.5 percent, down 1 percentage point 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 organizations including the PBC, CBIRC, CSRC, CCDC and NAFMII.

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.