In the first three quarters, direct financing in Shanghai accounted for 37.2% of the increase in social financing, a year-on-year increase of 10.1 percentage points.

China News Service, Shanghai, October 29 (Gao Zhimiao, Li Shuzheng) Zhou Peng, deputy director of the Monetary and Credit Research Department of the Shanghai Headquarters of the People's Bank of China, introduced on the 29th that in the first three quarters of 2026, Shanghai's social financing scale increased by 969.3 billion yuan (RMB, the same below). Among them, direct financing increased by 360.5 billion yuan, accounting for 37.2% of the increase in social financing, a year-on-year increase of 10.1 percentage points.

The Shanghai headquarters of the People's Bank of China held a press conference for the fourth quarter of 2026 and a special press conference on Shanghai Finance's "Five Big Articles" on the same day to introduce Shanghai's financial operations and related work progress.

Zhou Peng said that since the beginning of this year, driven by various policies, Shanghai's social financing scale has maintained reasonable growth, the credit structure has continued to be optimized, and financing costs have remained low.

In terms of financing structure, in the first three quarters, Shanghai's RMB loans to the real economy increased by 445.8 billion yuan. Among direct financing, corporate bond financing increased by 266.1 billion yuan, an increase of 120.1 billion yuan year-on-year; local government bond financing increased by 58.6 billion yuan, a decrease of 53.6 billion yuan year-on-year; stock financing increased by 35.8 billion yuan, an increase of 10.4 billion yuan year-on-year.

The investment direction of credit funds continued to be optimized, and loans in areas such as technological innovation and private economy grew rapidly. At the end of September, Shanghai's information technology industry, scientific research service industry and private economic loan balances increased by 37.8%, 27.6% and 7.4% year-on-year respectively.

During the same period, the balance of domestic and foreign currency loans in Shanghai was 13.66 trillion yuan, a year-on-year increase of 5.9%; in the first three quarters, domestic and foreign currency loans increased by 586.4 billion yuan. In terms of sectors, at the end of September, the balance of non-financial corporate loans increased by 7.0% year-on-year, the balance of overseas loans increased by 20.1% year-on-year, and the balance of household loans increased by 0.9% year-on-year, of which medium and long-term consumer loans increased by 1.6%.

Corporate financing costs remain low. In September, the weighted average interest rate of new corporate loans in Shanghai was 2.55%, down 17 basis points from the same period last year and at a historical low. Among them, the weighted average interest rate of small and micro enterprise loans was 2.75%, a decrease of 25 basis points from the same period last year.

In terms of deposits, at the end of September, the balance of local and foreign currency deposits in Shanghai was 25.92 trillion yuan, a year-on-year increase of 8.7%; in the first three quarters, local and foreign currency deposits increased by 1.42 trillion yuan. Among them, the growth of deposits of non-bank financial institutions was more prominent, with the balance at the end of September increasing by 19.1% year-on-year; the balance of household deposits and non-financial corporate deposits increased by 6.4% and 4.7% year-on-year respectively.