Download → Statistical Report on the Credit Structure of Financial Institutions (Q1 2023).pdf

According to PBOC statistics, as of end-Q1 2023, outstanding RMB loans issued by financial institutions increased 11.8 percent year on year to RMB225.45 trillion. This represented a rise of RMB10.6 trillion in Q1 2023, an acceleration of RMB2.27 trillion year on year.

1. Loans to enterprises and public institutions saw steady growth, with notable growth from medium and long-term loans

As of end-Q1 2023, RMB and foreign currency loans to enterprises and public institutions posted an outstanding amount of RMB148.38 trillion, increasing by 14.3 percent year on year, an acceleration of 0.7 percentage points from end-2022; the outstanding amount added RMB9.03 trillion in Q1 2023, RMB1.78 trillion more than that of the same period last years.

By loan tenure, short-term loans and bill financing recorded an outstanding amount of RMB52.04 trillion, increasing by 9.9 percent year on year, a deceleration of 3.1 percentage points from end-2022; the outstanding amount rose RMB2.25 trillion in Q1 2023,RMB 946.7 billion less than that in the same period last year. Outstanding medium and long-term (MLT) loans grew 17.4 percent year on year to RMB92.93 trillion, an acceleration of 2.9 percentage points from end-2022; the outstanding amount increased RMB6.65 trillion in Q1 2023, RMB2.69 trillion more than that of the same period last year.

By loan use, the outstanding amount of fixed asset loans rose 13.2 percent year on year to RMB62.21 trillion, an acceleration of 1.8 percentage points from end-2022, while the outstanding amount of business loans grew 16 percent year on year to RMB61.17 trillion, an acceleration of 3.3 percentage points.

2. Growth of MLT industrial loans picked up continuously

As of end-Q1 2023, MLT industrial loans in RMB and foreign currencies posted an outstanding amount of RMB18.95 trillion, rising 31.7 percent year on year. This surpassed the growth rate of all loans by 20.6 percentage points, an acceleration of 5.2 percentage points from end-2022; the outstanding amount grew RMB1.94 trillion in Q1 2023, RMB1 trillion more than that of Q1 2022. Specifically, outstanding MLT loans to heavy industries registered RMB16.15 trillion, increasing by 31.1 percent year on year, an acceleration of 5.6 percentage points from end-2022, while outstanding MLT loans to light industries reached RMB2.8 trillion, rising 35.2 percent year on year, an acceleration of 2.7 percentage points from end-2022. 

As of end-Q1 2023, MLT service sector loans in RMB and foreign currencies recorded an outstanding amount of RMB59.42 trillion, rising 13.8 percent year on year, an acceleration of 2.6 percentage points from end-2022; the outstanding amount grew RMB3.72 trillion in Q1 2023, increasing by RMB1.42 trillion year on year. Outstanding MLT real estate loans increased 6.4 percent year on year, an acceleration of 2.4 percentage points from end-2022.

As of end-Q1 2023, MLT infrastructure loans in RMB and foreign currencies recorded an outstanding amount of RMB34.85 trillion, rising 15.2 percent year on year, an acceleration of 2.2 percentage points from end-2022; the outstanding amount grew RMB2.16 trillion in Q1 2023, RMB777.1 billion more than that of the same period last year.

3. The quarterly increment of loans for inclusive finance reached a record high

As of end-Q1 2023, RMB loans for inclusive finance 1 posted an outstanding amount of RMB35.19 trillion, increasing by 23.6 percent year on year, and surpassed the growth of all loans by 11.8 percentage points, or an acceleration of 2.4 percentage points from end-2022; the outstanding amount grew RMB3.06 trillion in Q1 2023, surpassing the increase in the same period last year by RMB1.09 billion, with the quarterly increment reaching a record high.

As of end-Q1 2023, inclusive MSE loans recorded an outstanding amount of RMB26.16 trillion, rising 26 percent year on year, an acceleration of 2.2 percentage points from end-2022; the loans grew RMB2.38 trillion in Q1 2023, increasing by RMB823.6 billion year on year. Production and business loans to rural households, guaranteed loans to start-ups and student loans recorded an outstanding amount of RMB8.5 trillion, RMB292.9 billion and RMB173.7 billion, up 17.3 percent, 16.5 percent and 21.2 percent year on year, respectively.

As of end-Q1 2023, outstanding loans to the population out of poverty across the country increased 13.8 percent year on year to RMB1.09 trillion, representing an increase of RMB51.4 billion in Q1 2023.

4. Green loans kept growing at a fast

As of end-Q1 2023, green loans 2 in RMB and foreign currencies posted an outstanding amount of RMB24.99 trillion, rising 38.3 percent year on year, a deceleration of 0.2 percentage points from end-2022. This surpassed the growth rate of all loans by 27.2 percentage points and RMB3.39 trillion more than that at the beginning of this year. Specifically, loans invested in projects with direct and indirect carbon reduction benefits amounted to RMB9.19 trillion and RMB7.47 trillion respectively, together accounting for 66.7 percent of green loans.

By loan use, loans for green upgrading of infrastructure, loans to the clean energy industry and loans to the energy saving and environmental protection industry posted an outstanding amount of RMB11.09 trillion, RMB6.26 trillion and RMB3.56 trillion, increasing by 34.2 percent, 32.1 percent and 53.7 percent year on year, respectively. By industry, the outstanding amount of green loans extended to the supply and production of electricity, thermal power, gas and water increased 24.8 percent year on year to RMB6.01 trillion, RMB512.1 billion more than that in early 2023; while green loans extended to transport, warehousing, and postal industries recorded an outstanding amount of RMB4.84 trillion, up 11.1 percent year on year, RMB311.3 billion more than that in early 2023.

5. Growth of agro-related loans continued to rise

As of end-Q1 2023, the outstanding amount of agro-related loans in RMB and foreign currencies increased 16.2 percent year on year to RMB53.04 trillion, an acceleration of 2.2 percentage points from end-2022; the outstanding amount grew RMB3.87 trillion in Q1 2023, RMB1.26 trillion more than that of the same period last year.

As of end-Q1 2023, outstanding loans to rural areas (at or below the county level) rose 15.9 percent year on year to RMB44.2 trillion, an acceleration of 2.4 percentage points from end-2021; the outstanding amount rose RMB3.26 trillion in Q1 2023, RMB1.12 trillion than that of the same period last year. Outstanding loans to rural households increased 13.1 percent year on year to RMB15.88 trillion, an acceleration of 1.9 percentage points from end-2022; the outstanding amount increased RMB901.7 billion in Q1 2023, increasing by RMB276.8 billion year on year. Outstanding loans to the agricultural sector rose 14.2 percent year on year to RMB5.52 trillion, an acceleration of 3.5 percentage points from end-2022; the growth of the outstanding amount accelerated RMB155.2 billion year on year to RMB435.6 billion in Q1 2023.

6. Growth of real estate development loans picked up, while growth of individual housing loans slowed down

As of end-Q1 2023, the outstanding amount of RMB real estate loans increased 1.3 percent year on year to RMB53.89 trillion, a deceleration of 0.2 percentage points from end-2022; the outstanding amount rose RMB671.8 billion in Q1 2023, accounting for 6.3 percent of the total new loans in the same period.

As of end-Q1 2023, outstanding real estate development loans grew 5.9 percent year on year to RMB13.3 trillion, an acceleration of 2.2 percentage points from end-2022. Outstanding individual housing loans increased 0.3 percent year on year to RMB38.94 trillion, deceleration of 0.9 percentage points from end-2022.

7. Loan support for small and medium sci-tech enterprises was relatively strong

As of end-Q1 2023, 150,800 small and medium sci-tech enterprises 3 got loan support, with the loan granting ratio 4 registered 45.9 percent, 1.3 percentage points higher than that at end-2022. The outstanding loan amount for small and medium sci-tech enterprises recorded RMB1.76 trillion, up 25.2 percent year on year, an acceleration of 0.9 percentage points from end-2022.

8. Growth of household business loans remained a fast pace, and growth of household consumption loans

As of end-Q1 2023, RMB and foreign currency household loans posted an outstanding amount of RMB77.48 trillion, rising 6 percent year on year, an acceleration of 0.6 percentage points from end-2022; the outstanding amount increased RMB1.71 trillion in Q1 2023, RMB449.6 billion more than that of Q1 2022.

As of end-Q1 2023, the outstanding amount of household busines loans in RMB and foreign currencies rose 18.8 percent year on year to RMB20.32 trillion, an acceleration of 2.3 percentage points from end-2022; the outstanding amount increased RMB1.39 trillion in Q1 2023, RMB506.1 billion more than that of the same period last year. Outstanding household consumption loans (excluding individual housing loans) grew 11 percent year on year to RMB18.23 trillion, an acceleration of 6.9 percentage points from end-2022; the outstanding amount increased RMB197.8 billion in Q1 2023, RMB348 billion more than Q1 2022.