According to PBOC statistics, as of end-2023, outstanding RMB loans issued by financial institutions increased 10.6 percent year on year to RMB237.59 trillion. This represented a rise of RMB22.75 trillion in the full year of 2023, an acceleration of RMB1.31 trillion year on year.

1. Loans to enterprises and public institutions saw steady growth, and the increase of medium and long-term loans remained high

As of end-2023, outstanding RMB and foreign currency loans to enterprises and public institutions increased by 12.7 percent year on year to RMB157.07 trillion, a deceleration of 0.9 percentage points from end-2022. The growth of this outstanding amount registered RMB17.72 trillion in the full year of 2023, RMB951.5 billion more than the increment over the same period of the previous year.

By loan tenure, short-term loans and bill financing recorded an outstanding amount of RMB53.91 trillion, increasing by 8.2 percent year on year, or a deceleration of 4.8 percentage points from end-2022; the outstanding amount rose RMB4.12 trillion in the full year of 2023, RMB1.55 trillion less than the increment over the same period of the previous year. Outstanding medium and long-term (MLT) loans grew 15.7 percent year on year to RMB98.79 trillion, an acceleration of 1.2 percentage points from end-2022; the outstanding amount increased RMB13.51 trillion in the full year of 2023, RMB2.46 trillion more than the increment over the same period of the previous year.

By loan use, the outstanding amount of fixed asset loans rose 13 percent year on year to RMB65.93 trillion, an acceleration of 1.6 percentage points from end-2022, while the outstanding amount of business loans grew 14.7 percent year on year to RMB64.38 trillion, an acceleration of 2 percentage points from end-2022.

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

As of end-2023, MLT industrial loans in RMB and foreign currencies posted an outstanding amount of RMB21.83 trillion, rising 28 percent year on year. This surpassed the growth rate of all loans by 17.9 percentage points, an acceleration of 1.5 percentage points from end-2022; the outstanding amount grew RMB4.82 trillion in the full year of 2023, RMB1.21 trillion more than the increment over the same period of the previous year. Specifically, outstanding MLT loans to heavy industries registered RMB18.62 trillion, increasing by 28 percent year on year, an acceleration of 2.5 percentage points from end-2022, while outstanding MLT loans to light industries reached RMB3.2 trillion, rising 27.9 percent year on year, a deceleration of 4.6 percentage points from end-2022.

As of end-2023, MLT service sector loans in RMB and foreign currencies recorded an outstanding amount of RMB61.48 trillion, rising 12.4 percent year on year, an acceleration of 1.2 percentage points from end-2022; the outstanding amount grew RMB6.78 trillion in the full year of 2023, RMB1.11 trillion more than the increment over the same period of the previous year. Outstanding MLT service loans excluding real estate loans increased 14.8 percent year on year, an acceleration of 1.3 percentage points from end-2022. This lagged behind the growth rate of all MLT loans by 1.2 percentage points. Outstanding MLT real estate loans increased 4.3 percent year on year, an acceleration of 0.3 percentage points from end-2022.

As of end-2023, MLT infrastructure sector loans in RMB and foreign currencies recorded an outstanding amount of RMB37.57 trillion, rising 15 percent year on year, an acceleration of 2 percentage points from end-2022; the outstanding amount grew RMB4.89 trillion in the full year of 2023, RMB1.09 trillion more than the increment over the same period of the previous year.

3. Loans for inclusive finance registered relatively high growth

As of end-2023, inclusive MSE loans recorded an outstanding amount of RMB29.4 trillion, rising 23.5 percent year on year, a deceleration of 0.3 percentage points from end-2022; the loans grew RMB5.61 trillion in the full year of 2023, RMB1.03 trillion more than the increment over the same period of the previous year. Production and business loans to rural households, guaranteed loans to start-ups and student loans recorded an outstanding amount of RMB9.24 trillion, RMB281.7 billion and RMB218.4 billion, up 18 percent 5.2 percent and 22.4 percent year on year, respectively. Outstanding loans to the population out of poverty across the country increased 12 percent year on year to RMB1.16 trillion, and the loans issued amounted to RMB958.6 billion in the full year of 2023.

4. Green loans maintained high growth

As of end-2023, green loans in RMB and foreign currencies posted an outstanding amount of RMB30.08 trillion, rising 36.5 percent year on year, a deceleration of 2 percentage points from end-2022. This surpassed the growth rate of all loans by 26.4 percentage points and RMB8.48 trillion more than that at the beginning of 2023. Specifically, loans invested in projects with direct and indirect carbon reduction benefits 1 amounted to RMB10.43 trillion and RMB9.81 trillion respectively, together accounting for 67.3 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 RMB13.09 trillion, RMB7.87 trillion and RMB4.21 trillion, increasing by 33.2 percent, 38.5 percent and 36.5 percent year on year, respectively, RMB3.38 trillion, RMB2.33 trillion and RMB1.23 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 30.3 percent year on year to RMB7.32 trillion, RMB1.82 trillion more than that in early 2023; while green loans extended to transport, warehousing, and postal industries recorded an outstanding amount of RMB5.31 trillion, up 15.9 percent year on year, RMB776.7 billion more than that in early 2023.

5. Growth of agro-related loans

As of end-2023, the outstanding amount of agro-related loans in RMB and foreign currencies increased 14.9 percent year on year to RMB56.6 trillion, an acceleration of 0.9 percentage points from end-2022; the outstanding amount grew RMB7.43 trillion in the full year of 2023, RMB1.21 trillion more than the increment over the same period year.

As of end-2023, outstanding loans to rural areas (at or below the county level) rose 15.2 percent year on year to RMB47.26 trillion, an acceleration of 1.7 percentage points from end-2021; the outstanding amount rose RMB6.32 trillion in the full year of 2023, RMB1.3 trillion more than the increment over the same period of the previous year. Outstanding loans to rural households increased 12.5 percent year on year to RMB16.86 trillion, an acceleration of 1.3 percentage points from end-2022; the outstanding amount increased RMB1.88 trillion in the full year of 2023, increasing by RMB315.8 billion year on year. Outstanding loans to the agricultural sector rose 15.4 percent year on year to RMB5.84 trillion, an acceleration of 4.7 percentage points from end-2022; the growth of the outstanding amount accelerated RMB248.6 billion year on year to RMB747.4 billion in the full year of 2023.

6. Loan growth for real estate development slowed down

As of end-2023, the outstanding amount of RMB loans for real estate development increased 1.5 percent year on year to RMB12.88 trillion, a deceleration of 2.2 percentage points from end-2022. The growth of individual housing loans decelerated 1.6 percent from end-2022, 2.8 percentage points lower than all loans from end-2022. As of end-2023, the outstanding amount of RMB real estate loans dropped 1 percent year on year to RMB52.63 trillion, a deceleration of 2.5 percentage points from end 2022.

As of end-2023, the outstanding amount of RMB real estate loans dropped 1 percent year on year to RMB52.63 trillion, a deceleration of 2.5 percentage points from end-2022.

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

As of end-2023, 212,000 small and medium sci-tech enterprises got loan support, with the loan granting ratio 3 registered 46.8 percent, 2.1 percentage points higher than that at end-2022. The outstanding loan amount for small and medium sci-tech enterprises recorded RMB2.45 trillion, up 21.9 percent year on year, a deceleration of 3.8 percentage points from end-2022, 11.8 percentage points higher than all loans.

217,500 high-tech enterprises 4 got loan support, with the loan granting ratio registered 54.2 percent, 0.8 percentage points higher than that at end-2022. The outstanding loan amount for high-tech enterprises recorded RMB13.64 trillion, up 15.3 percent year on year, a deceleration of 0.8 percentage points from end-2022, 5.2 percentage points higher than all loans.

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

As of end-2023, RMB and foreign currency household loans posted an outstanding amount of RMB80.1 trillion, rising 5.7 percent year on year, an acceleration of 0.2 percentage points from end-2022; the outstanding amount increased RMB4.33 trillion in the full year of 2023, RMB364.8 billion more than the increment over the same period of the previous year.

As of end-2023, the outstanding amount of household consumption loans (excluding individual housing loans) in RMB and foreign currencies rose 9.4 percent year on year to RMB19.77 trillion, an acceleration of 4.7 percentage points from end-2022; the outstanding amount increased RMB1.75 trillion in the full year of 2023, RMB942.6 billion more than the increment over the same period of the previous year. Outstanding household business loans grew 17.2 percent year on year to RMB22.15 trillion, an acceleration of 0.7 percentage points from end-2022; the outstanding amount increased RMB3.23 trillion in the full year of 2023, RMB546.6 billion more than the increment over the same period of the previous year.