According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB 21.55 trillion in H1 2023, up RMB 475.4 billion from the same period of 2022. Specifically, RMB loans to the real economy recorded an increase of RMB 15.6 trillion, RMB 1.99 trillion more than the increase in the same period of 2022; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB 24.2 billion, RMB 70.0 billion more than the decrease in the same period of 2022; entrusted loans recorded an increase of RMB 74.3 billion, RMB 79.7 billion more than the increase in the same period of 2022; trust loans recorded an increase of RMB 22.8 billion, RMB   398.0 billion more than the increase in the same period of 2022; undiscounted bankers' acceptances recorded an increase of RMB85.2 billion, RMB 261.9 billion more than the increase in the same period of 2022; net financing of corporate bonds was RMB 1.17 trillion, down RMB 788.3 billion year on year (y-o-y); net financing of government bonds was RMB 3.38 trillion, down RMB 1.27 trillion y-o-y; domestic equity financing by non-financial enterprises was RMB 459.6 billion, down RMB 43.2 billion y-o-y. In June 2023, the AFRE (flow) amounted to RMB 4.22 trillion, up RMB 2.67 trillion month on month and down RMB 985.9 billion y-o-y.

By structure, RMB loans to the real economy accounted for 72.4 percent of AFRE (flow) in H1 2023, up 7.8 percentage points y-o-y; foreign currency-denominated loans to the real economy (RMB equivalent) accounted for -0.1 percent, down 0.3 percentage points y-o-y; entrusted loans accounted for 0.3 percent, up 0.3 percentage points y-o-y; trust loans accounted for 0.1 percent, up 1.9 percentage points y-o-y; undiscounted bankers' acceptances accounted for 0.4 percent, up 1.2 percentage points y-o-y; corporate bonds accounted for 5.4 percent, down 3.9 percentage points y-o-y; government bonds accounted for 15.7 percent, down 6.4 percentage points y-o-y; domestic equity financing of non-financial enterprises accounted for 2.1 percent, down 0.3 percentage points 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 recorded RMB841.0 billion, up RMB5.7 billion month on month; the balance of loan write-offs recorded RMB170.6 billion, up RMB3.0 billion month on month. The statistics in this report are on a comparable basis.