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 monetization 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

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 monetization 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.