China's nine-month financing increase falls to 27.46 trillion yuan

China's central bank released preliminary financial statistics on October 14 showing an aggregate financing increase of 27.46 trillion yuan for the first nine months of 2026. That was 2.63 trillion yuan less than in the same period a year earlier. Outstanding aggregate financing stood at 468.17 trillion yuan at the end of September, up 7.1% year on year, according to reports by China News Service and Yicai. [ 2 , 5 ]

Yuan loans to the real economy increased 11.5 trillion yuan, 3.04 trillion yuan less than a year earlier. Net corporate bond financing totalled 2.75 trillion yuan, 1.18 trillion yuan more, while net government bond financing was 10.3 trillion yuan, 1.16 trillion yuan less. Domestic stock financing by non-financial companies reached 535.9 billion yuan, 219.1 billion yuan more than in the same period last year. [ 1 , 5 , 7 ]

Calculations reported by CLS, 36Kr and Jiemian put bond and stock financing at about 49.48% of the aggregate financing increase, roughly seven percentage points above the loan share. China Minsheng Bank chief economist Wen Bin (温彬) told Jiemian that financing conditions should be assessed through loans, bonds, stocks and other channels rather than loan growth alone. He said interest rates could also help indicate how credit supply and demand matched. [ 6 , 9 , 10 ]

At September-end, yuan loans to the real economy accounted for 59.8% of outstanding aggregate financing, down 1.3 percentage points year on year. Government bonds accounted for 22.5%, up 1.3 percentage points. China News Service also reported broad money supply, M2, of 359.63 trillion yuan, up 7.2%, and narrow money supply, M1, of 116.76 trillion yuan, up 3.2%. [ 2 , 5 ]