PBOC Deputy Governor Zou Lan said at the Caixin Summit on Nov 13 that China’s
credit market has undergone deep structural change: the economy’s monotization
process has largely run its course, China has the world’s largest banking system
and a leading inclusive finance framework, outstanding loans are about 300 tln
yuan and more than 800 mln people have credit records. He said slower credit
growth coupled with a shift toward higher-quality lending has become the new
macro normal, with the policy focus moving from incremental expansion to stock
optimization and from scale orientation to targeted lending. Technology
innovation, green transition and private small-and-micro enterprises are
priority but weak areas; corresponding credit services—credit scoring,
credit-reporting mechanisms and risk models—remain underdeveloped and the credit
system’s adaptability needs improvement.
