China's financing activity sees steady momentum in 2025

China's financing activity maintained steady momentum in 2025, with financial aggregates rising relatively quickly, driven by lower financing costs and improved structures, official data showed on Thursday.

The country's aggregate social financing — the total amount of financing to the real economy — reached 35.6 trillion yuan ($5.1 trillion) in 2025, an increase of 3.34 trillion yuan compared to the same period last year, according to the People's Bank of China, the country's central bank.

The central bank said that outstanding aggregate social financing stood at 442.12 trillion yuan by the end of December, marking an 8.3 percent year-on-year increase, compared with 8 percent for 2024.

The broad money supply, or M2, reached 340.29 trillion yuan at the end of last year, rising 8.5 percent year-on-year, compared with 7.3 percent in 2024, the central bank said.

In December, the weighted average interest rates for newly issued corporate loans and newly issued individual housing mortgages both stood at around 3.1 percent. Compared with the second half of 2018, they have fallen by 2.5 percentage points and 2.6 percentage points, respectively, the PBOC said.

Financing channels other than loans, including bonds, accounted for more than 50 percent of newly-added social financing, demonstrating remarkable achievements in the supply-side structural reform of the financial sector, according to the central bank.

The country's new yuan-denominated loans came in at 16.27 trillion yuan in 2025, compared with 18.09 trillion yuan in 2024, the PBOC added.