China total social financing stock
China total social financing stock measures outstanding credit to the real economy from the PBOC.
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| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Outstanding stock1 | ||||||||||||||||||||||||||||||||||||||
| AFRE(stock)10 | 468.17 | 464.8 | 463.28 | 462.06 | 458.81 | 456.88 | 456.46 | 451.4 | 449.11 | 442.12 | 440.07 | 437.71 | 437.08 | 433.65 | 431.25 | 430.24 | 426.16 | 424 | 422.97 | 417.29 | 415.19 | 408.34 | 405.6 | 403.45 | 402.19 | 398.56 | 395.72 | 395.1 | 391.93 | 389.93 | 390.32 | 385.71 | 384.32 | 378.08 | 376.39 | 374.17 | 372.5 | |
| RMB loans | 279.9 | 278.63 | 278.57 | 279.16 | 277.4 | 276.9 | 277.3 | 274.15 | 273.3 | 268.4 | 267.42 | 267.01 | 267.03 | 265.42 | 264.79 | 265.22 | 262.86 | 262.27 | 262.18 | 258.36 | 257.71 | 252.53 | 251.69 | 251.16 | 250.87 | 248.89 | 247.85 | 247.93 | 245.74 | 244.92 | 244.59 | 241.29 | 240.32 | 235.48 | 234.37 | 233.26 | 232.78 | |
| Foreign currency-denominated loans (RMB equivalent) | 1.25 | 1.23 | 1.19 | 1.18 | 1.14 | 1.13 | 1.12 | 1.08 | 1.09 | 1.05 | 1.13 | 1.15 | 1.18 | 1.19 | 1.21 | 1.22 | 1.19 | 1.18 | 1.19 | 1.22 | 1.24 | 1.29 | 1.35 | 1.39 | 1.43 | 1.5 | 1.57 | 1.66 | 1.73 | 1.78 | 1.81 | 1.76 | 1.76 | 1.66 | 1.72 | 1.78 | 1.76 | |
| Entrusted loans | 11.34 | 11.26 | 11.24 | 11.24 | 11.22 | 11.23 | 11.25 | 11.28 | 11.3 | 11.35 | 11.32 | 11.34 | 11.17 | 11.15 | 11.16 | 11.18 | 11.22 | 11.24 | 11.24 | 11.25 | 11.28 | 11.21 | 11.21 | 11.23 | 11.25 | 11.21 | 11.21 | 11.18 | 11.18 | 11.18 | 11.17 | 11.22 | 11.23 | 11.27 | 11.27 | 11.31 | 11.36 | |
| Trust loans | 4.53 | 4.58 | 4.6 | 4.62 | 4.67 | 4.67 | 4.68 | 4.7 | 4.67 | 4.67 | 4.6 | 4.52 | 4.5 | 4.49 | 4.46 | 4.45 | 4.36 | 4.35 | 4.35 | 4.33 | 4.36 | 4.3 | 4.29 | 4.28 | 4.26 | 4.26 | 4.21 | 4.21 | 4.14 | 4.12 | 4.1 | 4.03 | 3.98 | 3.9 | 3.87 | 3.85 | 3.81 | |
| Undiscounted bankers' acceptances | 2.22 | 2.01 | 1.97 | 2.02 | 2.13 | 2.2 | 2.73 | 2.6 | 2.78 | 2.15 | 2.3 | 2.15 | 2.44 | 2.12 | 1.92 | 2.08 | 2.27 | 2.39 | 2.67 | 2.3 | 2.6 | 2.16 | 2.29 | 2.2 | 2.34 | 2.21 | 2.14 | 2.25 | 2.45 | 2.59 | 3.03 | 2.68 | 3.05 | 2.49 | 2.67 | 2.65 | 2.91 | |
| Net financing of corporate bonds | 36.62 | 36.71 | 36.47 | 36.08 | 35.69 | 35.52 | 35.16 | 34.84 | 34.69 | 34.24 | 34.08 | 33.68 | 33.5 | 33.47 | 33.39 | 33.13 | 32.91 | 32.8 | 32.59 | 32.8 | 32.69 | 32.3 | 32.28 | 32.11 | 32.07 | 32.27 | 32.18 | 32.02 | 31.84 | 31.78 | 31.83 | 31.53 | 31.41 | 31.11 | 31.48 | 31.44 | 31.39 | |
| Government bonds | 105.23 | 103.69 | 102.68 | 101.36 | 100.6 | 99.37 | 98.47 | 97.3 | 95.9 | 94.92 | 94.24 | 93.03 | 92.55 | 91.36 | 89.99 | 88.74 | 87.39 | 85.93 | 84.96 | 83.47 | 81.78 | 81.09 | 79.33 | 78.02 | 76.97 | 75.44 | 73.82 | 73.13 | 72.28 | 71.06 | 71.15 | 70.69 | 70.09 | 69.79 | 68.86 | 67.71 | 66.14 | |
| Equity financing on the domestic stock market by non-financial enterprises | 12.73 | 12.67 | 12.6 | 12.49 | 12.43 | 12.4 | 12.31 | 12.27 | 12.23 | 12.2 | 12.14 | 12.11 | 12.04 | 11.99 | 11.94 | 11.89 | 11.87 | 11.86 | 11.82 | 11.78 | 11.77 | 11.72 | 11.67 | 11.63 | 11.6 | 11.59 | 11.58 | 11.55 | 11.54 | 11.53 | 11.51 | 11.48 | 11.47 | 11.43 | 11.38 | 11.34 | 11.31 | |
| Asset-backed securities of depository financial institutions | 0.62 | 0.63 | 0.65 | 0.66 | 0.63 | 0.66 | 0.67 | 0.68 | 0.69 | 0.7 | 0.7 | 0.7 | 0.69 | 0.68 | 0.69 | 0.68 | 0.7 | 0.71 | 0.74 | 0.74 | 0.77 | 0.79 | 0.81 | 0.82 | 0.84 | 0.85 | 0.9 | 0.95 | 1.02 | 1.06 | 1.26 | 1.32 | 1.34 | 1.36 | 1.39 | 1.52 | 1.77 | |
| Loans written off | 12.68 | 12.39 | 12.29 | 12.22 | 11.9 | 11.79 | 11.74 | 11.48 | 11.45 | 11.41 | 11.13 | 11.01 | 10.97 | 10.76 | 10.68 | 10.62 | 10.37 | 10.29 | 10.23 | 10.03 | 9.98 | 9.94 | 9.67 | 9.59 | 9.53 | 9.32 | 9.24 | 9.2 | 8.99 | 8.92 | 8.86 | 8.7 | 8.66 | 8.61 | 8.37 | 8.3 | 8.26 | |
| Year-on-year growth1 | ||||||||||||||||||||||||||||||||||||||
| AFRE(stock)10 | 7.1 | 7.2 | 7.4 | 7.4 | 7.7 | 7.8 | 7.9 | 8.2 | 8.2 | 8.3 | 8.5 | 8.5 | 8.7 | 8.8 | 9 | 8.9 | 8.7 | 8.7 | 8.4 | 8.2 | 8 | 8 | 7.8 | 7.8 | 8 | 8.1 | 8.2 | 8.1 | 8.4 | 8.3 | 8.7 | 9 | 9.5 | 9.5 | 9.4 | 9.3 | 9 | |
| RMB loans | 4.8 | 5 | 5.2 | 5.3 | 5.5 | 5.6 | 5.8 | 6.1 | 6.1 | 6.3 | 6.3 | 6.3 | 6.4 | 6.6 | 6.8 | 7 | 7 | 7.1 | 7.2 | 7.1 | 7.2 | 7.2 | 7.4 | 7.7 | 7.8 | 8.1 | 8.3 | 8.3 | 8.9 | 9.1 | 9.2 | 9.7 | 10.1 | 10.4 | 10.7 | 10.7 | 10.7 | |
| Foreign currency-denominated loans (RMB equivalent) | 6.4 | 3.1 | -1.7 | -2.9 | -4.3 | -3.8 | -5.3 | -11 | -12.1 | -18 | -16.5 | -16.9 | -18 | -21 | -23.2 | -26.6 | -31.5 | -33.9 | -34.5 | -30.9 | -29.4 | -22.3 | -21.5 | -21.9 | -18.6 | -17.4 | -14.1 | -12.2 | -7.2 | -4.2 | -3.6 | -5.3 | -0.9 | -10.2 | -16.7 | -16.7 | -19.3 | |
| Entrusted loans | 1.5 | 1 | 0.7 | 0.5 | 0 | -0.1 | 0.2 | 0.3 | 0.2 | 1.3 | 1 | 1 | -0.7 | -0.6 | -0.4 | 0 | 0.4 | 0.5 | 0.6 | 0.3 | 0.4 | -0.5 | -0.5 | -0.7 | -0.9 | -1.1 | -1 | -1.3 | -1.3 | -1.3 | -1.3 | -0.7 | -0.7 | 0.2 | 0.2 | 0.5 | 1.3 | |
| Trust loans | 0.7 | 1.9 | 3.2 | 4 | 7.1 | 7.4 | 7.5 | 8.5 | 7 | 8.6 | 7.4 | 5.6 | 5.7 | 5.5 | 5.9 | 5.5 | 5.4 | 5.6 | 6.2 | 7.4 | 9.7 | 10.2 | 10.8 | 11.1 | 11.8 | 13 | 11.1 | 11.8 | 9.4 | 9.7 | 9.6 | 7.7 | 6.3 | 4.2 | 1.2 | -0.3 | -1.4 | |
| Undiscounted bankers' acceptances | -8.8 | -5.1 | 2.7 | -2.8 | -6.2 | -7.9 | 2.3 | 12.9 | 6.7 | -0.3 | 0.4 | -2.2 | 4.4 | -4.1 | -10.4 | -7.4 | -7.4 | -7.6 | -12.1 | -14 | -14.6 | -13.3 | -14.4 | -17.2 | -19.6 | -17.3 | -16.2 | -18.2 | -13 | -13.8 | -3.1 | -9.3 | 3 | -6.7 | -1.7 | -1.8 | -0.3 | |
| Net financing of corporate bonds | 9.3 | 9.7 | 9.2 | 8.9 | 8.4 | 8.3 | 7.9 | 6.2 | 6.1 | 6 | 5.6 | 4.9 | 4.5 | 3.7 | 3.8 | 3.5 | 3.4 | 3.2 | 2.4 | 4 | 4.1 | 3.8 | 2.5 | 2.2 | 2.2 | 2.6 | 2.6 | 2.2 | 1.9 | 0.9 | 1.3 | 0.7 | 1.3 | 0.3 | -0.4 | -0.7 | -0.3 | |
| Government bonds | 13.7 | 13.5 | 14.1 | 14.2 | 15.1 | 15.6 | 15.9 | 16.6 | 17.3 | 17.1 | 18.8 | 19.2 | 20.2 | 21.1 | 21.9 | 21.3 | 20.9 | 20.9 | 19.4 | 18.1 | 16.7 | 16.2 | 15.2 | 15.2 | 16.4 | 15.8 | 15.4 | 15 | 14.7 | 13.7 | 14.7 | 15.1 | 15.7 | 16 | 14.9 | 14.3 | 12.2 | |
| Equity financing on the domestic stock market by non-financial enterprises | 5.8 | 5.7 | 5.5 | 5 | 4.7 | 4.6 | 4.2 | 4.2 | 3.9 | 4.1 | 4 | 4.1 | 3.8 | 3.4 | 3.2 | 2.9 | 2.9 | 2.9 | 2.7 | 2.5 | 2.6 | 2.5 | 2.6 | 2.5 | 2.6 | 2.7 | 3.6 | 4.1 | 4.6 | 5.2 | 6 | 6.4 | 6.9 | 7.5 | 8.4 | 8.9 | 9.4 | |
| Asset-backed securities of depository financial institutions | -10.3 | -7.4 | -5.5 | -3 | -9.2 | -7.1 | -9.3 | -8.5 | -11 | -12.3 | -13.6 | -14.6 | -17.9 | -20.3 | -23.9 | -27.9 | -31.8 | -33.5 | -41.4 | -43.5 | -42.3 | -41.5 | -41.9 | -46.3 | -52.8 | -52.4 | -50.1 | -48.3 | -44.6 | -43.3 | -34.1 | -31.6 | -31.5 | -31.6 | -30.7 | -24.8 | -12.9 | |
| Loans written off | 15.6 | 15.1 | 15.2 | 15 | 14.7 | 14.6 | 14.7 | 14.5 | 14.7 | 14.8 | 15 | 14.8 | 15 | 15.5 | 15.5 | 15.5 | 15.4 | 15.4 | 15.4 | 15.2 | 15.3 | 15.4 | 15.5 | 15.6 | 15.5 | 15.4 | 15.3 | 15.3 | 15.2 | 15.1 | 15.1 | 14.8 | 14.8 | 14.6 | 13.6 | 13.6 | 13.6 |
Latest reading
The series on this page is monthly and runs from Mar 2015 to Sep 2026. Source: People's Bank of China — Statistics Department, Statistical Data.
About this data
China total social financing stock measures outstanding credit to the real economy from the PBOC. Published monthly by the People's Bank of China since 2015, the series track aggregate financing to the real economy (AFRE) at month-end. Components include RMB loans, foreign currency-denominated loans, entrusted loans, trust loans, corporate bonds, and government bonds. Figures are reported in trillion yuan alongside year-on-year growth rates, equity financing, asset-backed securities, and loan write-offs.
Frequently asked questions
- What is the latest figure for China total social financing stock?
- AFRE(stock) stood at 468.17 trillion yuan in Sep 2026. That is +0.7% from Aug 2026 and +7.1% from a year earlier.
- How far back does the China total social financing stock data go?
- The series on this page is monthly and runs from Mar 2015 to Sep 2026. Source: People's Bank of China — Statistics Department, Statistical Data. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
- What does China total social financing stock measure?
- China total social financing stock measures the aggregate volume of financing provided by the domestic financial system to the non-financial real economy at a specific point in time. Compiled by the People's Bank of China, it reflects outstanding credit balances across bank loans, shadow banking channels, and debt and equity markets.
- How does China total social financing stock differ from monthly TSF flow?
- China total social financing stock represents the total cumulative amount of outstanding credit owed by the real economy at month-end, whereas monthly TSF flow measures only the new incremental financing raised during that specific month. Stock series illustrate the total indebtedness of the real economy, while flow series capture credit growth momentum.
- Which financing channels are included in China total social financing stock?
- China total social financing stock includes RMB loans, foreign currency-denominated loans, entrusted loans, trust loans, undiscounted bankers' acceptances, corporate bonds, government bonds, domestic non-financial equity financing, asset-backed securities, and loan write-offs.
- What is the historical coverage and publishing frequency of China AFRE stock?
- China aggregate financing to the real economy stock series are published monthly by the People's Bank of China with data starting in 2015. Values are reported in trillion yuan along with year-on-year percentage growth rates.