Report on Aggregate Financing to the Real Economy (Flow) (2022)
According to preliminary statistics, the aggregate financing to the real economy (AFRE) (flow) was RMB32.01 trillion in 2022, up RMB668.9 billion from 2021. Specifically, RMB loans to the real economy registered an increase of RMB20.91 trillion, RMB974.6 billion more than the increase in 2021; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB525.4 billion, RMB696.9 billion more than the decrease in 2021; entrusted loans registered an increase of RMB357.9 billion, RMB527.5 billion more than the increase in 2021; trust loans recorded a decrease of RMB600.3 billion, RMB1.41 trillion less than the decrease in 2021; undiscounted bankers’ acceptances recorded a decrease of RMB341.1 billion, RMB150.5 billion less than the decrease in 2021; net financing of corporate bonds stood at RMB2.05 trillion, down RMB1.24 trillion year on year (y-o-y); net financing of government bonds was RMB7.12 trillion, up RMB107.4 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB1.18 trillion, down RMB37.6 billion y-o-y. In December 2022, the AFRE (flow) amounted to RMB1.31 trillion, down RMB1.05 trillion y-o-y.
By structure, RMB loans to the real economy accounted for 65.3 percent of AFRE (flow) in 2022, up 1.7 percentage points y-o-y; foreign currency-denominated loans to the real economy (RMB equivalent) occupied -1.6 percent, down 2.1 percentage points y-o-y; entrusted loans accounted for 1.1 percent, up 1.6 percentage points y-o-y; trust loans occupied -1.9 percent, up 4.5 percentage points y-o-y; undiscounted bankers’ acceptances accounted for -1.1 percent, up 0.5 percentage points y-o-y; corporate bonds occupied 6.4 percent, down 4.1 percentage points y-o-y; government bonds accounted for 22.3 percent, down 0.1 percentage points y-o-y; domestic equity financing of non-financial enterprises made up for 3.7 percent, down 0.2 percentage points 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 year-on-year statistics in this report are on a comparable basis.
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