The People's Bank of China releases its financial data report for September 2025.

Recently, the People's Bank of China announced. Financial statistics for September 2025 show that, as of the end of September, the outstanding amount of social financing totaled 437.08 trillion yuan, representing an 8.7% year-on-year increase. Among this total, the balance of RMB loans extended to the real economy stood at 267.03 trillion yuan, up 6.4% from the same period last year. Notably, the cumulative increment in social financing for the first three quarters reached 30.09 trillion yuan, an increase of 4.42 trillion yuan over the same period last year, indicating that financial support for the real economy remains robust.

The M2 balance stood at 335.38 trillion yuan, up 8.4% year-on-year, indicating a reasonably ample money supply. In terms of money supply, At the end of September, the balance of broad money (M2) reached 335.38 trillion yuan, an increase of 8.4% year-on-year; the balance of narrow money (M1) stood at 113.15 trillion yuan, up 7.2% year-on-year; and the balance of currency in circulation (M0) was 13.58 trillion yuan, representing a year-on-year growth of 11.5%. In the first three quarters, net cash injections totaled 761.9 billion yuan. The structure of loans continued to improve: at the end of September, the outstanding balance of RMB loans reached 270.39 trillion yuan, up 6.6% year-on-year. Among these, the outstanding balance of inclusive small and micro loans amounted to 36.09 trillion yuan, increasing by 12.2% year-on-year; and the outstanding balance of medium- and long-term loans to the manufacturing sector reached 15.02 trillion yuan, up 8.2% year-on-year—both significantly higher than the overall growth rate of all loans, reflecting a continued reallocation of credit resources toward key areas and weak links. The share of direct financing is increasing. Financial support channels are becoming increasingly diversified. From the perspective of the structure of total social financing, direct financing has played a significant role in driving the growth of total social financing. In the first three quarters, net government bond financing amounted to approximately... The outstanding balance of social financing reached 11.46 trillion yuan, an increase of 4.28 trillion yuan over the same period last year, effectively supporting the construction of “dual-drive” and “dual-new” projects as well as the resolution of implicit debt risks faced by local governments. Meanwhile, corporate bond financing channels have become smoother, with expanded issuance volumes of science and technology innovation bonds and private enterprise bonds. Notably, the share of RMB loans in the incremental social financing has fallen to about 48%, while the share of government and corporate bond financing has risen to around 43%, indicating a growing diversification of financing channels for the real economy. Experts pointed out that commercial banks play a crucial role in holding government bonds and corporate credit bonds, and their bond investments have strongly supported the implementation of fiscal policies and the development of enterprises. It is advisable to pay closer attention to comprehensive indicators such as the scale of social financing and scientifically assess the effectiveness of financial support for the real economy. The M1-M2 interest rate spread is converging, and economic activity is picking up. The data shows that recently... The growth rate of M1 has shown a clear rebound, and the spread between M1 and M2 has narrowed significantly. Experts analyze that this reflects positive changes such as increased business activity and a recovery in personal investment and consumption demand. From the perspective of credit allocation, financing demand remains robust in key sectors such as manufacturing. A branch of a major state-owned bank reported that manufacturing loans account for more than half of its corporate loans, with most of these loans being medium- and long-term, effectively matching the long-term needs of manufacturing enterprises for technological upgrades. Residential credit demand is also showing signs of recovery. Since September, the implementation of interest-subsidy policies for personal consumer loans has reduced financing costs, boosting the release of consumer loan demand. Meanwhile, many regions have optimized and adjusted real estate policies, helping to revive market transactions and driving a corresponding increase in demand for personal housing loans. Policy synergy to exert force. Consolidate the momentum of economic recovery and improvement. Experts say that the current more proactive fiscal policy and moderately accommodative monetary policy continue to exert their effects, providing strong support for the economy’s recovery and improvement. Recently, funds from new policy-based financial instruments have been disbursed at an accelerated pace, effectively easing capital pressure on major projects in key sectors and boosting growth in accompanying credit lines. In the next phase, monetary policy will maintain its robust support for the real economy while strengthening coordination with industrial policies to further promote sustained investment growth. Experts emphasize the need to pay closer attention to the role of interest-rate adjustment mechanisms, strike a good balance between quantity and price adjustments, and stimulate both corporate investment and household consumption, thereby further bolstering effective demand. Overall, the financial system’s support for the real economy remains solid. In the medium and long term, as economic structural transformation and industrial upgrading steadily advance, the supply-demand relationship in the real economy is expected to become more balanced, and economic cycles will run more smoothly.