2026年信贷增长怎么看？央行调查统计司司长答金融时报记者问

Core Insights - The People's Bank of China has implemented a moderately loose monetary policy since 2025, focusing on counter-cyclical adjustments and utilizing various monetary policy tools to support high-quality development of the real economy [1] Group 1: Credit Growth and Structure - By the end of 2025, the total balance of RMB loans from financial institutions reached 271.91 trillion yuan, a year-on-year increase of 6.4%, with an adjusted growth rate of around 7% after accounting for local special bond replacements [1] - In 2025, new RMB loans amounted to 16.27 trillion yuan, indicating strong credit support for the real economy [1] - Corporate loans were the main driver of credit growth, increasing by 15.47 trillion yuan, with medium- and long-term loans contributing 8.82 trillion yuan [1] - Household loans increased by 441.7 billion yuan, while operating loans grew by 938 billion yuan, reflecting ongoing support for individual businesses and small enterprises [1] Group 2: Industry Loan Structure - By the end of 2025, medium- and long-term loans in the manufacturing sector grew by 6.6%, while infrastructure loans increased by 6.9%, and service industry loans (excluding real estate) rose by 9.4% [2] - The "Five Major Articles" in finance saw a total loan balance of 107.7 trillion yuan by the end of November 2025, a year-on-year increase of 12.8% [2] - Notably, technology loans reached 44.8 trillion yuan, growing by 11.5%, while green loans amounted to 44.2 trillion yuan, with a growth rate of 23% [2] Group 3: Financing Costs and Accessibility - The interest rates for newly issued loans under the "Five Major Articles" decreased by 0.42 percentage points compared to the previous year, with technology loans at 2.81% and digital economy loans at 2.7% [3] - The number of enterprises and individuals served by financial institutions reached 82.55 million by the end of November 2025, an increase of 5.47 million from the previous year [3] - Bond and bill financing under the "Five Major Articles" also showed steady growth, with bond balances at 6.7 trillion yuan, up 20.4% from the end of the previous year [3]