At the end of September, China's social financing stock increased by 7.1% year-on-year

China News Service, Beijing, October 14 (Reporter Liu Wenwen) Data released by the People's Bank of China on the 14th showed that preliminary statistics showed that the stock of social financing at the end of September 2026 was 468.17 trillion yuan, a year-on-year increase of 7.1%. Among them, the balance of RMB loans issued to the real economy was 279.9 trillion yuan, a year-on-year increase of 4.8%.

From an incremental perspective, preliminary statistics show that the cumulative increase in social financing in the first three quarters of 2026 was 27.46 trillion yuan, 2.63 trillion yuan less than the same period last year. Among them, RMB loans issued to the real economy increased by 11.5 trillion yuan, a decrease of 3.04 trillion yuan year-on-year; net corporate bond financing was 2.75 trillion yuan, an increase of 1.18 trillion yuan year-on-year; domestic stock financing of non-financial enterprises was 535.9 billion yuan, an increase of 219.1 billion yuan year-on-year.

From the perspective of financing structure, the proportion of bond and stock financing continues to rise, and the diversification of financing channels becomes more distinctive. In the increase in social financing from January to September, bond and stock financing accounted for 49.48%, which has exceeded the proportion of loans by about 7 percentage points. In particular, corporate bonds have grown rapidly, with the growth rate reaching 9.3% at the end of September.

"It needs to be noted that changes in the financing structure are an objective reflection of the transformation of the economic structure." Industry experts analyze that with the changes in the supply and demand relationship in the real estate market and the resolution of local debts, the demand for credit in real estate, financing platforms and other fields with relatively high "loan density" has naturally fallen in the past period. The financing methods of new productivity fields represented by technological innovation and advanced manufacturing are more diversified and tend to meet their differentiated financing needs at different growth stages through bonds, equity and other financing methods, forming a positive complement and substitution for bank loans.