According to PBOC statistics, as of end-Q3 2023, outstanding RMB loans issued by financial institutions increased 10.9 percent year on year to RMB234.59 trillion. This represented a rise of RMB19.75 trillion in the first three quarters of 2023, an acceleration of RMB1.67 trillion year.

1. Loans to enterprises and public institutions saw steady growth, with sustained fast pace of medium and long-term loans As of end-Q3 2023, outstanding RMB and foreign currency loans to enterprises and public institutions increased by 13 percent year on year to RMB154.94 trillion, a deceleration of 0.6 percentage points from end-2022. The growth of this outstanding amount registered RMB15.59 trillion in the first three quarters of 2023, RMB1.1 trillion more than the increment in the same period last year.

By loan tenure, short-term loans and bill financing recorded an outstanding amount of RMB53.4 trillion, increasing by 6.9 percent year on year, or a deceleration of 6.1 percentage points from end-2022; the outstanding amount rose RMB3.61 trillion in the first three quarters of 2023, RMB2.16 trillion less than the increment in the same period last year. Outstanding medium and long-term (MLT) loans grew 17 percent year on year to RMB98.12 trillion, an acceleration of 2.5 percentage points from end-2022; the outstanding amount increased RMB11.84 trillion in the first three quarters of 2023, RMB3.16 trillion more than the increment in the same period last year.

By loan use, the outstanding amount of fixed asset loans rose 13.8 percent year on year to RMB65.1 trillion, an acceleration of 2.4 percentage points from end-2022, while the outstanding amount of business loans grew 14.6 percent year on year to RMB63.69 trillion, an acceleration of 1.9 percentage points from end-2022.

2. Growth of MLT industrial loans, service sector loans and infrastructure sector loans maintained fast pace

As of end-Q3 2023, MLT industrial loans in RMB and foreign currencies posted an outstanding amount of RMB21.05 trillion, rising 30.9 percent year on year. This surpassed the growth rate of all loans by 20.7 percentage points, an acceleration of 4.4 percentage points from end-2022; the outstanding amount grew RMB4.04 trillion in the first three quarters of 2023, RMB1.41 trillion more than the increment in the same period last year. Specifically, outstanding MLT loans to heavy industries registered RMB17.94 trillion, increasing by 30.6 percent year on year, an acceleration of 5.1 percentage points from end-2022, while outstanding MLT loans to light industries reached RMB3.1 trillion, rising 32.7 percent year on year, an acceleration of 0.2 percentage points from end-2022.

As of end-Q3 2023, MLT service sector loans in RMB and foreign currencies recorded an outstanding amount of RMB61.79 trillion, rising 13.3 percent year on year, an acceleration of 2.1 percentage points from end-2022; the outstanding amount grew RMB6.09 trillion in the first three quarters of 2023, RMB1.49 trillion more than the increment in the same period last year. Outstanding MLT real estate loans increased 6.2 percent year on year, an acceleration of 2.2 percentage points from end-2022.

As of end-Q3 2023, MLT infrastructure sector 1 loans in RMB and foreign currencies recorded an outstanding amount of RMB36.76 trillion, rising 15.1 percent year on year, an acceleration of 2.1 percentage points from end-2022; the outstanding amount grew RMB4.08 trillion in the first three quarters of 2023, RMB1.02 trillion more than the increment in the same period last year.

3. Loans for inclusive finance maintained relatively high growth As of end-Q3 2023, inclusive MSE loans recorded an outstanding amount of RMB28.74 trillion, rising 24.1 percent year on year, an acceleration of 0.3 percentage points from end-2022; the loans grew RMB4.95 trillion in the first three quarters of 2023, RMB1.01 trillion more than the increment in the same period last year. Production and business loans to rural households, guaranteed loans to start-ups and student loans recorded an outstanding amount of RMB9.15 trillion, RMB296.5 billion and RMB165.1 billion, up 17.8 percent, 10.1 percent and 23.6 percent year on year, respectively. Outstanding loans to the population out of poverty across the country increased 12.2 percent year on year to RMB1.14 trillion, and the loans issued amounted to RMB714.5 billion in the first three quarters of 2023.

4. Green loans maintained high growth

As of end-Q3 2023, green loans 2 in RMB and foreign currencies posted an outstanding amount of RMB28.58 trillion, rising 36.8 percent year on year, a deceleration of 1.7 percentage points from end-2022. This surpassed the growth rate of all loans by 26.6 percentage points and RMB6.98 trillion more than that at the beginning of this year. Specifically, loans invested in projects with direct and indirect carbon reduction benefits amounted to RMB9.96 trillion and RMB9.14 trillion respectively, together accounting for 66.8 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 RMB12.45 trillion, RMB7.27 trillion and RMB4.13 trillion, increasing by 32.8 percent, 36.2 percent and 42.3 percent year on year, respectively, RMB2.74 trillion, RMB1.73 trillion and RMB1.16 trillion more than that in early 2023, respectively. By industry, the outstanding amount of green loans extended to the supply and production of electricity, thermal power, gas and water increased 27.6 percent year on year to RMB6.8 trillion, RMB1.3 trillion more than that in early 2023; while green loans extended to transport, warehousing, and postal industries recorded an outstanding amount of RMB5.1 trillion, up 13.8 percent year, RMB568.1 billion more than that in early 2023.

5. Growth of agro-related loans continued to rise

As of end-Q3 2023, the outstanding amount of agro-related loans in RMB and foreign currencies increased 15.1 percent year on year to RMB55.8 trillion, an acceleration of 1.1 percentage points from end-2022; the outstanding amount grew RMB6.63 trillion in the first quarter of 2023, RMB1.17 trillion more than the increment in the same period last year.

As of end-Q3 2023, outstanding loans to rural areas (at or below the county level) rose 15.4 percent year on year to RMB46.6 trillion, an acceleration of 1.9 percentage points from end-2021; the outstanding amount rose RMB5.66 trillion in the first three quarters of 2023, RMB1.28 trillion more than the increment in the same period last year. Outstanding loans to rural households increased 12.6 percent year on year to RMB16.67 trillion, an acceleration of 1.4 percentage points from end-2022; the outstanding amount increased RMB1.69 trillion in the first three quarters of 2023, increasing by RMB306.1 billion year on year. Outstanding loans to the agricultural sector rose 14.6 percent year on year to RMB5.8 trillion, an acceleration of 3.9 percentage points from end-2022; the growth of the outstanding amount accelerated RMB207.7 billion year on year to RMB711.2 billion in the first quarters of 2023.

6. Decline in the growth of real estate loans has flattened out

As of end-Q3 2023, the outstanding amount of RMB real estate loans decreased 0.2 percent year on year to RMB53.19 trillion, unchanged from end-August, and the decline has reached a plateau. The growth of real estate loans decelerated 1.7 percent from end-2022, 11.1 percentage points lower than all loans; the outstanding amount declined by RMB33.3 billion in Q1-Q3 2023, a deceleration of RMB882.1 billion year on year.

As of end-Q3 2023, outstanding real estate development loans grew 4 percent year on year to RMB13.17 trillion, an acceleration of 0.3 percentage points from end-2022. Outstanding personal housing loans decreased 1.2 percent year on year to RMB38.42 trillion, a deceleration of 2.4 percentage points from end-2022.

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

As of end-Q3 2023, 212,800 small and medium sci-tech enterprise got loan support, with the loan granting ratio 4 registered 47 percent, 2.7 percentage points higher than that at end-2022. The outstanding loan amount for small and medium sci-tech enterprises recorded RMB2.42 trillion, up 22.6 percent year on year, a deceleration of 3.1 percentage points from end-2022, 12.4 percent higher than all loans.

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

As of end-Q3 2023, RMB and foreign currency household loans posted an outstanding amount of RMB79.63 trillion, rising 5.7 percent year on year, an acceleration of 0.3 percentage points from end-2022; the outstanding amount increased RMB3.85 trillion in the first three quarters of 2023, RMB437 billion more than the increment in Q1-Q3 2022.

As of end-Q3 2023, the outstanding amount of household consumption loans (excluding individual housing loans) in RMB and foreign currencies rose 13 percent year on year to RMB19.31 trillion, an acceleration of 8.9 percentage points from end-2022; the outstanding amount increased RMB1.28 trillion in the first three quarters of 2023, RMB765.5 billion more than the increment in the same period last year. Outstanding household business loans grew 18.2 percent year on year to RMB21.89 trillion, an acceleration of 1.7 percentage points from end-2022; the outstanding amount increased RMB2.97 trillion in the first three quarters of 2023, RMB658.1 billion more than the increment in the same period last year.