Core Viewpoint - The report from the People's Bank of China indicates a stable growth in total credit, with a year-on-year increase of 7.1% in the balance of RMB loans by the end of June 2025, reflecting strong financial support for the real economy [1][2]. Group 1: Overall Credit Growth - By the end of June, the balance of various RMB loans reached 268.56 trillion yuan, with a year-on-year growth of 7.1% [1]. - In the first half of the year, new RMB loans amounted to 12.92 trillion yuan, indicating a high level of credit support for the real economy [1]. Group 2: Sectoral Loan Distribution - The growth in loans is primarily driven by loans to enterprises and institutions, with an increase of 11.5 trillion yuan in the first half of the year, particularly in medium and long-term loans which rose by 7.08 trillion yuan [1]. - The loan structure continues to optimize, with new loans mainly directed towards manufacturing and infrastructure sectors. By the end of June, the balance of medium and long-term loans in manufacturing grew by 8.7%, adding 920.7 billion yuan, while infrastructure loans increased by 7.4%, adding 2.18 trillion yuan [1]. Group 3: Focus on Key Economic Areas - Green loans reached a balance of 42.39 trillion yuan by the end of June, growing by 14.4% since the beginning of the year, with an increase of 5.35 trillion yuan in the first half, particularly in infrastructure green upgrade loans which rose by 2.11 trillion yuan [2]. - Loans to technology-oriented small and medium-sized enterprises and high-tech enterprises saw significant growth, with year-on-year increases of 22.9% and 8.2% respectively, both surpassing the overall loan growth rate [2]. - Inclusive small and micro loans reached a balance of 35.57 trillion yuan, growing by 12.3% year-on-year, while student loans and agricultural loans also showed strong growth rates of 28.4% and 7.4% respectively [2].

Group 1 - The People's Bank of China reported that by the end of June, the balance of RMB loans from financial institutions reached 268.56 trillion yuan, with a year-on-year growth of 7.1% [1] - In the first half of the year, the total new RMB loans amounted to 12.92 trillion yuan, with loans to enterprises and institutions being the main driver, increasing by 11.5 trillion yuan [1] - The report indicates that the structure of loan distribution has improved, with significant increases in loans directed towards the manufacturing and infrastructure sectors [1][2] Group 2 - Green loans reached a balance of 42.39 trillion yuan by the end of June, growing by 14.4% since the beginning of the year, with substantial increases in loans for infrastructure green upgrades [2] - Loans to small and medium-sized technology enterprises and high-tech enterprises saw significant growth, with year-on-year growth rates of 22.9% and 8.2%, respectively [2] - Household consumption loans also maintained growth, with a balance of 84.01 trillion yuan by the end of June, reflecting a year-on-year increase of 3% [2] Group 3 - The implementation of a series of policies aimed at stabilizing employment and the economy has led to a recovery in industrial production and equipment updates, contributing to the release of effective credit demand [3]