According to preliminary statistics, aggregate financing to the real economy (AFRE) (flows) was RMB 728.8 billion in October, 2018, down RMB 471.6 billion year on year (y-o-y). Specifically, RMB loans to the real economy registered an increase of RMB 714.1 billion, RMB 50.6 billion more than the same period of 2017; foreign currency-denominated loans to the real economy (RMB equivalent) recorded a decrease of RMB 80 billion, dropping RMB 75.6 billion further y-o-y; entrusted loans registered a decrease of RMB 94.9 billion, dropping RMB 99.2 billion further y-o-y; trust loans registered a decrease of RMB 127.3 billion, dropping RMB 229.2 billion further y-o-y; undiscounted bankers’ acceptances recorded a decrease of RMB 45.3 billion, dropping RMB 46.5 further y-o-y; net financing of corporate bond stood at RMB 138.1 billion, down RMB 10.1 billion y-o-y; outstanding local government special bonds reached RMB 86.8 billion, down RMB 44.7 billion y-o-y; domestic equity financing by non-financial enterprises amounted to RMB 17.6 billion, down RMB 42.5 billion y-o-y.
Note 1: AFRE (flows) refers to the volume of financing provided by the financial system to the real economy within a certain period of time. In the calculations of AFRE (flows), data are from the PBC, CBIRC, CSRC, CCDC and NAFMII.
Note 2: The PBC improved the statistical method of AFRE in 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: On incorporating local government special bonds into AFRE statistics: Local government special bonds refer to the government bonds 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. The issuance of local government special bonds has sped up since August, 2018, exhibiting visible replacement effect for bank loans and corporate bonds. In order to have the replacement effect reflected in the statistics, the PBC has incorporated local government special bonds into AFRE since September, 2018. Local government special bonds are recorded when claims and obligations are registered with custody institutions.
The monthly comparable statistics of AFRE (flows) since 2017 are as follows.
Month |
January 2017 |
February 2017 |
March 2017 |
April 2017 |
May 2017 |
June 2017 |
Flow of the Month (Unit: RMB 100 million) |
37095 |
11046 |
24001 |
15604 |
13136 |
21131 |
In which: Local Government Special Bonds |
0 |
0 |
1806 |
2019 |
1934 |
1991 |
Asset-backed Securities of Depository Financial Institutions |
-129 |
-10 |
164 |
-505 |
294 |
113 |
Written-off Loans |
253 |
149 |
846 |
210 |
277 |
1309 |
Month |
July 2017 |
August 2017 |
September 2017 |
October 2017 |
November 2017 |
December 2017 |
Flow of the Month (Unit: RMB 100 million) |
14983 |
17514 |
22451 |
12004 |
19139 |
15865 |
In which: Local Government Special Bonds |
3326 |
1924 |
2517 |
1315 |
2282 |
849 |
Asset-backed Securities of Depository Financial Institutions |
-505 |
446 |
324 |
61 |
248 |
1476 |
Written-off Loans |
205 |
250 |
1276 |
271 |
481 |
2059 |
Month |
January 2018 |
February 2018 |
March 2018 |
April 2018 |
May 2018 |
June 2018 |
Flow of the Month (Unit: RMB 100 million) |
30793 |
11894 |
15854 |
17771 |
9518 |
14877 |
In which: Local Government Special Bonds |
0 |
108 |
662 |
808 |
1012 |
1019 |
Asset-backed Securities of Depository Financial Institutions |
-137 |
-146 |
387 |
821 |
377 |
272 |
Written-off Loans |
320 |
261 |
1234 |
259 |
479 |
1737 |
Month |
July 2018 |
August 2018 |
September 2018 |
October 2018 |
|
|
Flow of the Month (Unit: RMB 100 million) |
12244 |
19401 |
21682 |
7288 |
|
|
In which: Local Government Special Bonds |
1851 |
4106 |
7389 |
868 |
|
|
Asset-backed Securities of Depository Financial Institutions |
123 |
501 |
895 |
188 |
|
|
Written-off Loans |
176 |
377 |
1615 |
445 |
|
|
|