According to preliminary statistics, outstanding aggregate financing to the real economy (AFRE) reached RMB 199.3 trillion at end-November, up 9.9% year on year (y-o-y). Specifically, outstanding RMB loans to the real economy stood at RMB 133.76 trillion, up 12.9% y-o-y; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) were RMB 2.31 trillion, down 7.3% y-o-y; outstanding entrusted loans registered RMB 12.58 trillion, down 9.6% y-o-y; outstanding trust loans reached RMB 7.9 trillion, decreasing 4.9% y-o-y; outstanding undiscounted bankers’ acceptances stood at RMB 3.7 trillion, down 15.3% y-o-y; outstanding corporate bonds were RMB 19.79 trillion, up 7.6% y-o-y; outstanding local government special bonds reached RMB 7.23 trillion, up 34% y-o-y; and outstanding domestic equity of non-financial firms amounted to RMB 7 trillion, up 6.5% y-o-y.

By structure, outstanding RMB loans to the real economy at end-November accounted for 67.1% of end-November AFRE, up 1.8 percentage points y-o-y; outstanding foreign currency-denominated loans to the real economy (RMB equivalent) occupied 1.2%, down 0.2 percentage point y-o-y; outstanding entrusted loans accounted for 6.3%, down 1.4 percentage points y-o-y; outstanding trust loans occupied 4%, down 0.6 percentage point y-o-y; outstanding undiscounted bankers’ acceptances accounted for 1.9%, down 0.5 percentage point y-o-y; outstanding corporate bonds occupied 9.9%, down 0.2 percentage point y-o-y; outstanding local government special bonds accounted for 3.6%, up 0.6 percentage point y-o-y; and outstanding domestic equity of non-financial firms made up for 3.5%, down 0.1 percentage point.

Note 1: AFRE (outstanding) refers to the outstanding financing provided by the financial system to the real economy at the end of a period (end of the month, end of the quarter or end of the year). In the calculation of AFRE, data are from PBC, CBIRC, CSRC, CCDC and NAFMII, etc.

Note 2: The PBC has improved the statistical method of AFRE since July 2018. Specifically, the PBC incorporated “asset-backed securities of depository financial institutions” and “written-off loans” into AFRE statistics under the item of “other financing.”

Note 3: Explanations for the inclusion of local government special bonds into AFRE statistics: local government special bonds are issued by local governments for public welfare projects with certain earnings, whose principal and interests will be repaid with the government funds or special income from the public welfare projects within a certain period of time as agreed. Since August 2018, the issuance of local government special bonds has accelerated, exhibiting visible replacement effect for bank loans and corporate bonds. With the aim to have accurate AFRE statistics, the PBC incorporated “local government special bonds” into AFRE statistics since September 2018 due to this replacement effect. Local government special bonds are calculated according to the dates when debts and creditor’s rights are registered with custodian institutions.

The monthly balance of AFRE (outstanding) and year-on-year growth rate of comparable statistics since 2017 are as follows:

Table 1: Adjusted Monthly AFRE (outstanding) Balance since 2017

Month	January 2017		February 2017	March 2017	April 2017	May 2017	June 2017
Outstanding (Unit: RMB 100 million)	1648295		1659291	1683133	1698347	1711078	1731455
In which: Local Government Special Bonds	34858		34858	36663	38683	40617	42608
Asset-backed Securities of Depository Financial Institutions	4749		4739	4903	4398	4692	4805
Written-off Loans	12615		12764	13610	13820	14097	15406
Month	July 2017		August 2017	September 2017	October 2017	November 2017	December 2017
Outstanding (Unit: RMB 100 million)	1745387		1762064	1783999	1795324	1813838	1828692
In which: Local Government Special Bonds	45933		47857	50374	51689	53971	54819
Asset-backed Securities of Depository Financial Institutions	4300		4746	5070	5131	5379	6855
Written-off Loans	15611		15861	17137	17408	17889	19948
Month	January 2018		February 2018	March 2018	April 2018	May 2018		June 2018
Outstanding (Unit: RMB 100 million)	1857716		1869244	1883713	1900219	1909414		1923668
In which: Local Government Special Bonds	54819		54927	55589	56397	57408		58427
Asset-backed Securities of Depository Financial Institutions	6718		6572	6959	7780	8157		8429
Written-off Loans	20268		20528	21763	22022	22500		24238
Month	July 2018	August 2018		September 2018	October 2018	November 2018
Outstanding (Unit: RMB 100 million)	1934604	1952411		1972661	1978891	1993005
In which: Local Government Special Bonds	60278	64384		71773	72641	72309
Asset-backed Securities of Depository Financial Institutions	8551	9053		9948	10135	11292
Written-off Loans	24414	24791		26406	26852	27580

Table 2: Adjusted Monthly Year-on-year Growth Rate of AFRE (outstanding) since 2017

Month	January 2017	February 2017	March 2017	April 2017	May 2017	June 2017
Growth of the Outstanding(%)	14.8	14.8	14.4	14.5	14.6	14.2
Month	July 2017	August 2017	September 2017	October 2017	November 2017	December 2017
Growth of the Outstanding(%)	14.8	14.5	14.4	14.4	13.9	13.4
Month	January 2018	February 2018	March 2018	April 2018	May 2018	June 2018
Growth of the Outstanding(%)	12.7	12.7	11.9	11.9	11.6	11.1
Month	July 2018	August 2018	September 2018	October 2018	November 2018
Growth of the Outstanding(%)	10.8	10.8	10.6	10.2	9.9