Headlines

H1 Financial Data Released: Credit 'Slows with Quality Improvement,' Bond and Equity Financing Share Rises

H1 Financial Data Released: Credit 'Slows with Quality Improvement,' Bond and Equity Financing Share Rises

The People's Bank of China released financial statistics for H1 2026 on July 15. As of end-June, broad money supply M2 grew 8.0% year-on-year, and total social financing stock grew 7.4%, with both indicators continuing to exceed nominal GDP growth.

In H1, total social financing increased by 20.84 trillion yuan. Net financing from non-financial enterprise bonds was 2.07 trillion yuan, 916.7 billion more year-on-year; equity financing was 293.3 billion yuan, 122.4 billion more. Combined, they represented 11.3% of total social financing, up 5.6 percentage points from a year earlier.

As of end-June, outstanding RMB loans reached 282.63 trillion yuan, up 5.2% year-on-year. Xie Guangqi, head of the PBOC Monetary Policy Department, noted that credit 'slowing with quality improvement' may become one of the new normals in macroeconomic operations.

Comprehensive financing costs remain at historically low levels. The weighted average rate for new corporate loans in June was approximately 3%, about 20 basis points lower than a year earlier. PBOC Deputy Governor Zou Lan stated that the share of new loans in the 'five major financial articles' sectors has risen to over 70%. As of end-June, inclusive micro and small enterprise loans grew 8.3% year-on-year, and medium-to-long-term industrial loans grew 5.9%.

In the second half, the PBOC will enhance the forward-looking nature, flexibility, and specificity of monetary policy, strengthening counter-cyclical and cross-cyclical adjustment.

Industry:

Related Articles

Fifth Global Digital Trade Expo Opens in Hangzhou: 170,000 Sqm and 2,008 Exhibitors Under the Theme Meet the AI Future at GDTE

The fifth Global Digital Trade Expo opens in Hangzhou across 170,000 sqm with 2,008 exhibitors, themed on AI empowering digital trade; Premier Li Qiang joined the launch along with Prime Ministers Anwar Ibrahim and Adylbek Kasymaliev.

48th WorldSkills Competition Opens in Shanghai: Record 64 Skill Areas and 1,385 Competitors in a First-Ever One-Competition-Two-Conferences Format

The 48th WorldSkills Competition opens in Shanghai with a record 1,385 competitors from 68 economies across 64 skill areas, pairing the contest with a conference and expo for the first time.

2026 World Manufacturing Conference Opens in Hefei, Showcasing Cutting-Edge Achievements of "Baohe Intelligent Manufacturing"

The 2026 World Manufacturing Convention has officially opened in Hefei, featuring a 70,000-square-meter exhibition space alongside a dedicated interactive zone at Luogang Park. Enterprises from Baohe District took center stage, unveiling cutting-edge smart manufacturing innovations in robotics, new materials, and the low-altitude economy. To facilitate year-round investment promotion, they also established an Industry Business Lounge, providing a comprehensive showcase of the innovative vitality driving the region's advanced manufacturing sector.

23rd China-ASEAN Expo Opens in Nanning as AI Pavilion Creates "Super Interface" for Digital Economy Cooperation

The 23rd China-ASEAN Expo opened in grand fashion in Nanning, Guangxi, boasting a vast exhibition footprint. A major highlight is the comprehensively upgraded AI exhibition zone, which has been transformed into a dynamic marketplace for on-the-ground business deals. The event also debuts an "open competition" mechanism to achieve precise demand-supply matchmaking. Furthermore, a year-round AI mega-market has been established to empower enterprises in their global expansion and deepen cooperation in the digital economy.

24th China International Motorcycle Trade Exhibition Opens in Chongqing, First-Day Attendance Surpasses 50,000

The 24th China Motorcycle Expo has opened in Chongqing, featuring 190,000 square meters of floor space and bringing together 1,000 exhibitors. Focused on premiumization, electrification, and smart technologies, the expo marks the debut of 100 new models and dozens of cutting-edge technologies. It aims to propel the industry's global expansion while seamlessly integrating motorcycle culture with cultural tourism, creating a premier international industry showcase.

12th China International Cable and Wire Exhibition Convenes in Shanghai, Attracting Over 1,000 Global Exhibitors

The 2026 Wire and Cable Industry Conference and the 12th Wire and Cable Exhibition convened in Shanghai, featuring an expansive exhibition area of over 80,000 square meters and drawing more than 1,000 exhibitors. Marking the 90th anniversary of the wire and cable industry, the conference unveiled a comprehensive history of the sector's development. Key discussions centered on the industry's transformation under the 15th Five-Year Plan and AI empowerment. Concurrently, the event featured the announcement of the Top 100 Enterprises list and the results of the skills competition.