PBOC data show that at end-Q2 2026 yuan and foreign-currency industrial medium-
and long-term loan balances were 27.81 tln yuan, up 5.9% YoY, 0.8ppt faster than
overall loans, with a 1H increase of 1.21 tln. Heavy-industry M/L loans stood at
23.45 tln (+4.9% YoY); light-industry 4.36 tln (+11.3%). Services M/L loans were
76.22 tln, up 6.4% YoY, 1.3ppt faster than overall loans, adding 3.33 tln in 1H;
services excluding real estate rose 9.2% YoY while real estate M/L loans fell
4.2% YoY. Infrastructure-related M/L loans totaled 45.19 tln, up 4.8% YoY, with
a 1H increase of 1.53 tln.
