According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB359.02 trillion at end-March 2023, increasing 10 percent year on year. Specifically, outstanding RMB loans to the real economy posted RMB223.96 trillion, increasing 11.7 percent year on year; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) recorded RMB1.88 trillion, decreasing 19.3 percent year on year; outstanding entrusted loans registered RMB11.32 trillion, increasing 3.5 percent year on year; outstanding trust loans registered RMB3.74 trillion, declining 10.4 percent year on year; outstanding undiscounted bankers’ acceptances recorded RMB3.13 trillion, increasing 1.6 percent year on year; outstanding corporate bonds registered RMB31.42 trillion, increasing 1.2 percent year on year; outstanding government bonds reached RMB62.02 trillion, increasing 13.5 percent year on year; and outstanding domestic equity of non-financial firms amounted to RMB10.85 trillion, increasing 11.2 percent year on year.

By structure, outstanding RMB loans to the real economy accounted for 62.4 percent of the total AFRE at end-March, increasing 1 percentage point 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 3.2 percent, decreasing 0.1 percentage points year on year; outstanding trust loans accounted for 1 percent, decreasing 0.3 percentage points year on year; outstanding undiscounted bankers’ acceptances accounted for 0.9 percent, on par with the previous year; outstanding corporate bonds accounted for 8.8 percent, decreasing 0.7 percentage points year on year; outstanding government bonds accounted for 17.3 percent, increasing 0.6 percentage points year on year; and outstanding domestic equity of non-financial firms constituted 3 percent, on par with the previous 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 PBOC, CBIRC, CSRC, CCDC, NAFMII, etc.

Note 2: Starting from January 2023, the PBOC added three types of non-depository banking financial institutions into financial statistics, namely consumer finance companies, wealth management companies, and financial asset investment companies, hence adjustments to "RMB loans to the real economy" and "loan written-offs" in AFRE. At end-January 2023, outstanding RMB loans to the real economy issued by the above-mentioned three institutions posted RMB841 billion, increasing RMB5.7 billion month on month; the outstanding loan written-offs posted RMB170.6 billion, increasing RMB3 billion month on month. The statistics in this report are on a comparable basis.