本报北京1月27日电（记者徐佩玉）27日，中国人民银行发布2025年四季度金融机构贷款投向统计报 告。2025年四季度末，获得贷款支持的科技型中小企业27.5万家，获贷率为50.2%，比上年末高2个百分 点。本外币科技型中小企业贷款余额3.63万亿元，同比增长19.8%，增速比各项贷款高13.6个百分点。 普惠小微贷款增长较快。2025年四季度末，人民币普惠小微贷款余额36.57万亿元，同比增长11.1%，全 年增加3.63万亿元；单户授信小于500万元的农户经营性贷款余额9.81万亿元，全年增加2414亿元。 [ 责编：刘晗旭 ] 报告显示，贷款支持科创企业力度较大。2025年四季度末，获得贷款支持的高新技术企业26.54万家， 获贷率为57.3%，比上年末高0.4个百分点。本外币高新技术企业贷款余额18.61万亿元，同比增长 7.5%，增速比各项贷款高1.3个百分点。 企事业单位贷款增速回升。2025年四季度末，本外币企事业单位贷款余额186.21万亿元，同比增长 8.9%，增速比上季度末高0.7个百分点，全年增加15.24万亿元。 ...

Core Insights - The People's Bank of China reported that by the end of Q4 2025, 275,000 technology-oriented SMEs received loans, with a loan acquisition rate of 50.2%, an increase of 2 percentage points from the previous year [1] Group 1: Loan Statistics - By the end of Q4 2025, the total balance of RMB loans from financial institutions reached 271.91 trillion yuan, reflecting a year-on-year growth of 6.4%, with an annual increase of 16.27 trillion yuan [1] - The balance of loans to technology-oriented SMEs in both domestic and foreign currencies was 36.3 trillion yuan, marking a year-on-year increase of 19.8%, which is 13.6 percentage points higher than the overall loan growth rate [1] - The balance of loans to high-tech enterprises reached 18.61 trillion yuan, with a year-on-year growth of 7.5%, outpacing the overall loan growth by 1.3 percentage points [1] Group 2: Loan Growth in Various Sectors - By the end of Q4 2025, the loan balance for enterprises and institutions in foreign currencies was 186.21 trillion yuan, showing a year-on-year increase of 8.9%, which is 0.7 percentage points higher than the previous quarter [1] - The balance of inclusive micro and small enterprise loans in RMB reached 36.57 trillion yuan, with a year-on-year growth of 11.1%, exceeding the overall loan growth by 4.7 percentage points, and an annual increase of 3.63 trillion yuan [1]

Core Insights - The People's Bank of China reported that by the end of Q4 2025, 275,000 technology-oriented SMEs received loans, with a loan acquisition rate of 50.2%, an increase of 2 percentage points from the previous year [1] Group 1: Loan Statistics - The total balance of RMB loans from financial institutions reached 271.91 trillion yuan by the end of Q4 2025, reflecting a year-on-year growth of 6.4%, with an annual increase of 1.627 trillion yuan [1] - The balance of loans to technology-oriented SMEs in both domestic and foreign currencies was 36.3 trillion yuan, marking a year-on-year increase of 19.8%, which is 13.6 percentage points higher than the overall loan growth rate [1] - By the end of Q4 2025, 265,400 high-tech enterprises received loans, with a loan acquisition rate of 57.3%, up 0.4 percentage points from the previous year [1] Group 2: Sector-Specific Loan Growth - The balance of loans to high-tech enterprises in both domestic and foreign currencies reached 18.61 trillion yuan, with a year-on-year growth of 7.5%, which is 1.3 percentage points higher than the overall loan growth rate [1] - The balance of loans to enterprises and institutions in foreign currencies was 186.21 trillion yuan by the end of Q4 2025, showing a year-on-year increase of 8.9%, which is 0.7 percentage points higher than the previous quarter [1] - The balance of inclusive micro and small enterprise loans in RMB reached 36.57 trillion yuan, with a year-on-year growth of 11.1%, which is 4.7 percentage points higher than the overall loan growth rate [1]

人民财讯1月27日电，中国人民银行统计，2025年四季度末，获得贷款支持的科技型中小企业27.5万 家，获贷率为50.2%，比上年末高2个百分点。本外币科技型中小企业贷款余额3.63万亿元，同比增长 19.8%，增速比各项贷款高13.6个百分点。2025年四季度末，获得贷款支持的高新技术企业26.54万家， 获贷率为57.3%，比上年末高0.4个百分点。本外币高新技术企业贷款余额18.61万亿元，同比增长 7.5%，增速比各项贷款高1.3个百分点。 ...

Core Insights - The People's Bank of China released a report on the loan allocation statistics for financial institutions in Q4 2025, highlighting significant support for technology-oriented enterprises [1][2] Group 1: Support for Technology-oriented SMEs - By the end of Q4 2025, 275,000 technology-oriented small and medium-sized enterprises (SMEs) received loan support, with a loan approval rate of 50.2%, an increase of 2 percentage points compared to the end of the previous year [1] - The balance of loans in both domestic and foreign currencies for technology-oriented SMEs reached 3.63 trillion yuan, representing a year-on-year growth of 19.8%, which is 13.6 percentage points higher than the growth rate of all loans [1] Group 2: Support for High-tech Enterprises - By the end of Q4 2025, 265,400 high-tech enterprises received loan support, with a loan approval rate of 57.3%, an increase of 0.4 percentage points compared to the end of the previous year [2] - The balance of loans in both domestic and foreign currencies for high-tech enterprises was 18.61 trillion yuan, showing a year-on-year growth of 7.5%, which is 1.3 percentage points higher than the growth rate of all loans [2]

Group 1 - In 2025, Weinan City aims to address the financing difficulties faced by enterprises by promoting intellectual property pledge financing, assisting 12 companies with a total financing amount of 80.1 million yuan [1] - The city will conduct 8 events focused on intellectual property financial outreach and enterprise-bank matchmaking to enhance awareness and participation among small and medium-sized enterprises (SMEs) [1] - Weinan City has implemented risk prevention and incentive policies, including the "Qin Zhi Loan" risk compensation policy, and has recommended 115 enterprises for the first batch of the "Qin Zhi Loan" whitelist [1] Group 2 - The Weinan Market Supervision Administration plans to deepen policy promotion and precise guidance, particularly through the "Zhi Hui Xing" special activity in collaboration with the China Bank Weinan Branch [2] - The focus will be on strengthening the role of intellectual property financial services in supporting the high-quality development of the private economy [2]

Core Viewpoint - The Henan Provincial Government aims to enhance financial support for technological innovation, promoting deep integration and positive interaction between technology, industry, and finance by implementing a special action plan for improving the quality and efficiency of technology finance [1] Group 1: Financial Support for Technology - By 2027, the province aims for the loan growth rate for technology-based small and medium-sized enterprises (SMEs) to consistently exceed the average growth rate of all loans by 20 percentage points [1] - The interest rates for newly issued loans to technology-based enterprises are expected to be significantly lower than the average interest rates for all loans [1] - The loan acquisition rate for technology-based enterprises in the province is targeted to reach 60%, surpassing the national average [1]

Core Viewpoint - The Henan Provincial Government has issued the "Special Action Plan for Improving the Quality and Efficiency of Science and Technology Finance," aiming to enhance financial support for technology-based small and medium-sized enterprises (SMEs) by 2027 [1] Summary by Relevant Categories Loan Growth - By 2027, the plan aims for the loan growth rate for technology-based SMEs in Henan to consistently exceed the average growth rate of all loans by 20 percentage points [1] Interest Rates - The newly issued loans for technology-based enterprises are expected to have interest rates significantly lower than the average interest rates of all loans [1] Loan Accessibility - The plan targets a loan acquisition rate of 60% for technology-based enterprises in Henan, which is higher than the national average [1]

Group 1 - The upcoming "National Famous Private Enterprises Assist Hunan High-Quality Development Conference" will be held from December 21 to 23 in Changsha, aiming to attract strong private enterprises nationwide to participate [8][10] - This conference is expected to have the largest participation of well-known private enterprises in recent years, highlighting the importance of private sector engagement in Hunan's economic development [11][12] - The conference will focus on key areas such as technological innovation, industrial upgrading, green development, and open cooperation, aligning with national strategic needs and Hunan's development goals [12][13] Group 2 - Hunan's private economy has significantly increased in scale and strength, supporting high-quality economic and social development, with 777.7 million private economic entities as of November, including 204.5 million private enterprises [13][14] - The private sector contributes over 80% of the national "specialized and innovative" small giant enterprises and 90% of Hunan's high-tech enterprises, indicating a robust entrepreneurial ecosystem [13][14] - The province's private enterprises accounted for 67.9% of the GDP and 65.4% of total investments, showcasing their critical role in the local economy [13][14] Group 3 - Hunan is implementing various measures to enhance its investment appeal, including optimizing the business environment and promoting a collaborative approach to attract investments [15][16] - The province aims to leverage its cost advantages, conduct precise industrial chain investments, and improve the "Hunan Investment" brand through innovative strategies [15][16] - Changsha will serve as a showcase for national cooperation, focusing on industrial empowerment, environmental optimization, and service quality to attract more enterprises and talent [15][16]

Core Viewpoint - The Chinese government is planning to increase the R&D expense deduction ratio for high-tech enterprises and technology-based SMEs as part of the "14th Five-Year Plan" to encourage innovation and enhance competitiveness in the technology sector [1][2]. Group 1: R&D Expense Deduction Policy - The current R&D expense deduction ratio for high-tech enterprises and technology-based SMEs is 100%, which may be raised to 120% or even higher [1][4]. - The R&D expense deduction policy has evolved since its introduction in 1996, with the ratio increasing from 50% to 75% in 2017, and then to 100% in 2023 [2][3]. - The increase in the deduction ratio is expected to directly reduce the tax burden on these enterprises, allowing them to allocate more resources to R&D and innovation [2][5]. Group 2: International Comparison and Implications - Compared to international standards, China's current 100% deduction is considered moderate, with some countries offering deductions as high as 300% [6][5]. - The proposed increase in the deduction ratio aims to align China's policies with those of developed countries, enhancing the global competitiveness of Chinese technology firms [5][6]. Group 3: Future Policy Recommendations - Experts suggest that future policies should not only focus on increasing the deduction ratio but also on improving the quality of R&D investments [7][8]. - Recommendations include introducing a mechanism for R&D expense incremental credits and considering a tiered deduction system based on R&D intensity and growth rates [8][9]. - There is a call for simplifying the execution process of the R&D expense deduction policy to reduce compliance costs for enterprises [10].