Core Insights - The People's Bank of China reported a slowdown in the growth of RMB loans, with a balance of 270.39 trillion yuan at the end of Q3 2025, reflecting a year-on-year growth of 6.6%, down from 7.1% at the end of Q2 [1] - The report highlights a significant transformation in the credit structure, with funds being directed towards key areas of the national economy and weaker sectors [1] Group 1: Inclusive Micro Loans - The balance of inclusive micro loans reached 36.09 trillion yuan by the end of Q3, showing a year-on-year growth of 12.2%, slightly down from 12.3% in Q2 [2] - In Q3, 3.15 trillion yuan was added in new inclusive micro loans, with 520 billion yuan added in Q3 alone, lower than the approximately 730 billion yuan added in Q2 [2] - The focus of inclusive micro loans is shifting from rapid expansion to stable coverage, emphasizing service depth and accessibility [2] Group 2: Technology Loans - By the end of Q3, 27.54 million technology SMEs received loan support, with a loan acquisition rate of 50.3%, up from 50% in Q2 [3] - The loan balance for technology SMEs reached 3.56 trillion yuan, with a year-on-year growth of 22.3%, slightly down from 22.9% in Q2 [3] - The number of high-tech enterprises receiving loans was 26.66 million, maintaining a stable loan acquisition rate of 57.6% [3] Group 3: Non-Housing Consumer Credit - The balance of household loans in both domestic and foreign currencies was 83.94 trillion yuan, with a year-on-year growth of 2.3%, down from 3% in Q2 [4] - Consumer loans excluding housing reached 21.29 trillion yuan, growing by 4.2% year-on-year, with 3.062 trillion yuan added in the first three quarters [4] - The balance of household operating loans was 25.21 trillion yuan, reflecting a year-on-year growth of 4.8%, indicating active financing demand from small business operators [4] Group 4: Structural Changes in Credit - The report indicates a structural differentiation in credit data, illustrating the macro picture of China's economic transformation [4] - As traditional credit engines slow down, sectors like inclusive finance, technology, and green loans are expected to take on more responsibility in supporting the real economy [4] - The transition in credit structure is seen as a result of policy guidance and a natural selection of market dynamics, moving from asset collateral logic to value creation logic [4] Group 5: Challenges and Future Outlook - The adjustment in inclusive loan growth suggests emerging sustainability boundaries, while technology loans face long-term risk pricing challenges [5] - The ongoing contraction in real estate loans and the slowdown in traditional infrastructure loans are reshaping the entire credit creation mechanism [5] - Future policy design should focus on institutional building and long-term mechanisms to ensure financial resources are efficiently directed towards the real economy [6]
三季度信贷投向显韧性 普惠、科创、消费构筑金融支持新格局
Jing Ji Guan Cha Wang·2025-10-24 10:53