Report on Aggregate Financing to the Real Economy (Flow) (May 2023)
According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB1.56 trillion in May 2023, up RMB331.2 billion from the previous month and down RMB1.31 trillion from the same period of 2022. Specifically, RMB loans to the real economy registered an increase of RMB1.22 trillion, RMB617.3 billion less than the increase in the same period of 2022; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB33.8 billion, RMB9.8 billion more than the decrease in the same period of 2022; entrusted loans registered an increase of RMB3.5 billion, RMB16.7 billion more than the increase in the same period of 2022; trust loans recorded an increase of RMB30.3 billion, RMB92.2 billion more than the increase in the same period of 2022; undiscounted bankers’ acceptances recorded a decrease of RMB179.7 billion, RMB72.9 billion more than the decrease in the same period of 2022; net financing of corporate bonds recorded a net decrease of RMB217.5 billion, down RMB254.1 billion year on year (y-o-y); net financing of government bonds was RMB557.1 billion, down RMB501.1 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB75.3 billion, up RMB46.1 billion 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 PBOC, National Financial Regulatory Administration (NFRA), CSRC, CCDC, NAFMII, etc.
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.
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