The PBOC said on July 15 that RMB loan balance stood at 282.63 trillion yuan at
end-June, up 5.2% YoY. Experts say China is undergoing deep industrial
restructuring and a shift in growth drivers; a slowdown in loan growth reflects
financial-system adaptation to the economic transition rather than reduced
policy support. Over the long run China’s social financing was loan-dominated,
but in 2025 incremental bond and equity financing exceeded incremental loans for
the first time and became the main driver of financing supply. Experts expect
this shift toward diversified financing to persist and continue supporting the
real economy.
