上海社融去年多增超千亿，跨境人民币业务量质齐升

Core Viewpoint - The financial operation in Shanghai for 2025 shows overall stability with positive changes in key indicators, highlighting structural improvements in financing and a shift towards high-quality development [3][5]. Financial Support to the Real Economy - In 2025, Shanghai's social financing scale increased by 1,163.2 billion yuan, with a year-on-year increase of 102.1 billion yuan [5]. - Direct financing rose by 341.9 billion yuan, accounting for 29.4% of the total financing increase, up approximately 15 percentage points from the previous year [6]. - The balance of loans in Shanghai reached 13.07 trillion yuan by the end of December 2025, with a year-on-year growth of 6.5%, slightly above the national average [5]. Financing Costs and Structure - The weighted average interest rate for newly issued corporate loans in Shanghai was 2.64% in December 2025, down 38 basis points year-on-year [6]. - The loan balance for the information technology sector grew by 35.4% year-on-year, indicating a focus on technology innovation [5]. Deposit Structure Changes - By the end of December 2025, the balance of deposits in Shanghai was 24.5 trillion yuan, with a year-on-year growth of 11.3% [8]. - The growth rate of demand deposits for households and non-financial enterprises increased significantly, while the growth of time deposits declined [9]. FT Account Function Upgrade - The FT account function upgrade pilot started on December 5, 2025, with 11 banks and 29 enterprises participating, facilitating nearly 50 billion yuan in cross-border fund transfers [10][11]. - The pilot aims to enhance cross-border trade and investment liberalization, with 97% of transactions conducted in RMB [12][13]. Cross-Border Financial Activities - In 2025, Shanghai's banks handled a total of 5.66 trillion USD in foreign-related receipts and payments, a year-on-year increase of 14.3% [15]. - The total amount of RMB cross-border payments reached 32.4 trillion yuan, accounting for 46% of the national total [15]. Future Outlook - Shanghai aims to continue leveraging its position as an international financial center, promoting reforms in offshore trade finance services and advancing RMB internationalization [16][17].