支持科创企业力度较大

Core Insights - The People's Bank of China reported a total RMB loan balance of 271.91 trillion yuan at the end of Q4 2025, reflecting a year-on-year growth of 6.4% and an annual increase of 16.27 trillion yuan [1] Loan Growth by Sector - Corporate loans showed a rebound with a total balance of 186.21 trillion yuan, growing by 8.9% year-on-year, and an annual increase of 15.24 trillion yuan [1] - Short-term loans and bill financing reached 64.16 trillion yuan, up 11.0% year-on-year, with an annual increase of 6.37 trillion yuan [1] - Medium to long-term loans amounted to 118.39 trillion yuan, growing by 7.9% year-on-year, with an annual increase of 8.69 trillion yuan [1] Industrial and Service Sector Loans - Industrial medium to long-term loans stood at 26.63 trillion yuan, with an 8.4% year-on-year growth, surpassing overall loan growth by 2.2 percentage points [2] - Service sector medium to long-term loans reached 72.87 trillion yuan, also growing by 7.8% year-on-year, exceeding overall loan growth by 1.6 percentage points [2] - Infrastructure-related loans totaled 43.73 trillion yuan, with a year-on-year growth of 6.9% [2] Inclusive Finance and Green Loans - Inclusive micro and small loans reached 36.57 trillion yuan, growing by 11.1% year-on-year, significantly higher than overall loan growth [3] - Green loans saw a substantial increase, totaling 44.77 trillion yuan, with a year-on-year growth of 20.2% [3] - Specific green loan categories included infrastructure upgrades at 19.94 trillion yuan and energy transition loans at 8.48 trillion yuan [3] Agricultural and Real Estate Loans - Agricultural loans increased to 53.57 trillion yuan, with a year-on-year growth of 6.5% [4] - Real estate loans, however, showed a decline, with a total balance of 51.95 trillion yuan, down 1.6% year-on-year [4] - Personal housing loans decreased to 37.01 trillion yuan, reflecting a year-on-year decline of 1.8% [4] Support for Technology Enterprises - Loans to technology-based SMEs reached 3.63 trillion yuan, growing by 19.8% year-on-year, significantly higher than overall loan growth [5] - High-tech enterprises received loans totaling 18.61 trillion yuan, with a year-on-year growth of 7.5% [5] - The loan approval rate for technology SMEs was 50.2%, while for high-tech enterprises it was 57.3% [5]