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E-mail China.org.cn, February 28, 2025
Shou Xiaoli:
Two reporters have their hands raised. We'll take the last two questions, please.
Phoenix TV:
The PBC has just released financial statistics for 2024. How should we view the aggregate financing and its structural characteristics in 2024? Thank you.
Zhang Wenhong:
Thank you for your question. I'll answer this one. At the end of 2024, China's aggregate financing stood at 408.34 trillion yuan, an increase of 8% year on year, with a growth rate 0.2 percentage point higher than the previous month. The aggregate financing increment in 2024 reached 32.26 trillion yuan, a historically high level. In terms of structure, the aggregate financing increment has the following main features:
First, financial institutions maintained a reasonable growth in loans to the real economy. In 2024, RMB loans issued by financial institutions to the real economy totaled 17.05 trillion yuan.
Second, the financial system continued to work in tandem with fiscal efforts, resulting in a significant year-on-year increase in financing through issuance of government bonds, reaching a record high. In 2024, net financing through issuance of government bonds reached 11.3 trillion yuan, marking the highest level on record for the same period, with an increase of 1.69 trillion yuan year on year. Specifically, net financing through treasury bonds stood at 4.5 trillion yuan, a year-on-year increase of 357.4 billion yuan; and net financing through local government bonds reached 6.79 trillion yuan, a year-on-year increase of 1.33 trillion yuan.
Third, financing through corporate bonds increased compared with the previous year. In 2024, net financing through corporate bonds amounted to 1.91 trillion yuan, a year-on-year increase of 283.9 billion yuan.
Fourth, trust loans, a form of off-balance-sheet financing, increased year on year. In 2024, trust loans increased by 397.6 billion yuan, a year-on-year increase of 240 billion yuan. In addition, entrusted loans and undiscounted bankers' acceptance bills decreased by 57.7 billion yuan and 329.5 billion yuan, respectively.
Overall, China's aggregate financing maintained reasonable growth in 2024, effectively supporting the recovery of the real economy. Thank you.
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