Report on Aggregate Financing to the Real Economy (Flow)
According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB907.9 billion in October 2022, down RMB709.7 billion from the same period of 2021. Specifically, RMB loans to the real economy registered an increase of RMB443.1 billion, RMB332.1 billion less than the increase in the same period of 2021; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB72.4 billion, RMB69.1 billion more than the decrease in the same period of 2021; entrusted loans registered an increase of RMB47.0 billion, RMB64.3 billion more than the increase in the same period of 2021; trust loans recorded a decrease of RMB6.1 billion, RMB100.0 billion less than the decrease in the same period of 2021; undiscounted bankers’ acceptances recorded a decrease of RMB215.7 billion, RMB127.1 billion more than the decrease in the same period of 2021; net financing of corporate bonds stood at RMB232.5 billion, up RMB6.4 billion year on year (y-o-y); net financing of government bonds was RMB279.1 billion, down RMB337.6 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB78.8 billion, down RMB5.8 billion y-o-y. From January to October, the AFRE (flow) amounted to RMB28.7 trillion cumulatively, up RMB2.31 trillion y-o-y.
Note 1: AFRE (flow) refers to the volume of financing provided by the financial system to the real economy within a certain period. In the calculations of AFRE (flow), data are from the organizations including the PBC, CBIRC, CSRC, CCDC and NAFMII.
Note 2: The PBC further improved the statistics of AFRE from December 2019 by incorporating “treasury bonds” and “local government general bonds” into the statistics of AFRE and combining them with the existing “local government special bonds” under the item “government bonds”. The value of the indicator is the face value of the bonds under custody. The PBC improved the statistics of “corporate bonds” of AFRE from September 2019, which incorporated “exchange-listed corporate asset-backed securities” into “corporate bonds”. The PBC incorporated “local government special bonds” into the statistics of AFRE from September 2018. The PBC further improved the statistical method of AFRE from July 2018, which incorporated “asset-backed securities of depository financial institutions” and “written-off loans” into AFRE statistics under the item of “other financing”.
Note 3: The year-on-year statistics in this report are on a comparable basis.