中国人民银行三季度调查_贷款需求和经营状况略有改善，就业情绪疲软但家庭部门意愿-China_ PBOC Q3 Surveys_ Loan demand and business conditions marginally better, employment sentiment weak but households want to

Summary of PBOC Q3 Surveys Industry Overview - The report focuses on the banking and financial sector in China, specifically the People's Bank of China (PBOC) and its quarterly surveys of bank loan officers, enterprises, and urban depositors [1][3]. Key Findings 1. Loan Demand and Approval - Loan demand increased slightly in Q3 2025, with the index rising to 58.0 from 56.2 in Q2 2025 [6] - Loan approval index remained stable at 53.9 in both Q3 and Q2 2025 [6] - Bankers anticipate a slightly less accommodative monetary policy in the next quarter, with the sentiment index dropping to 73.5 from 75.5 [6] 2. Business Conditions - The business conditions index for enterprises improved to 50.1 in Q3 2025 from 49.3 in Q2 2025, indicating a marginal recovery [9] - Export orders index rose to 44.7 from 43.2, while domestic orders remained unchanged [9] - Price indices for raw materials and sales increased, suggesting inflationary pressures [9] 3. Urban Depositors' Sentiment - Urban depositors reported a decline in inflation expectations and employment sentiment, with the net share expecting rising property prices slightly decreasing to -13.6% from -13.5% [6][9] - The willingness to consume decreased to 19.9% from 22.4%, while the desire to invest rose to 18.7% from 13.5% [9] - The share of households wanting to save more decreased from 64.1% to 61.2%, likely influenced by a recent stock market rally [9] Additional Insights - The surveys included responses from 5,000 enterprises and 20,000 urban depositors across 50 cities, providing a comprehensive view of economic sentiment [3] - The mixed signals from the surveys indicate a cautious optimism in loan demand and business conditions, but persistent bearish sentiment in the property market and consumer spending [1][9] Conclusion - The PBOC's Q3 surveys reflect a complex economic landscape in China, with slight improvements in loan demand and business conditions, but ongoing challenges in consumer sentiment and property market expectations [1][9]