Business · Economy · 2 hrs ago
China’s financing mix shifts as bond and stock funding grow
China’s central bank says financing and broad money kept growing in the first nine months of 2026.
At the end of September, broad money was 359.63 trillion yuan, up 7.2% from a year earlier, while outstanding social financing was 468.17 trillion yuan, up 7.1%.
Bonds and shares supplied nearly half of new financing, a larger share than bank loans.
This shift reflects companies, including those in technology and advanced manufacturing, using more varied ways to raise money as demand for some traditional loans eases.
Loans still grew in targeted areas, including small businesses and services outside real estate.
The figures suggest money is available, but experts say it needs to flow into business investment and household spending to strengthen economic activity.
The next challenge is to improve how funding reaches companies and residents and turns into spending and investment.
China’s financing mix shifted in the first three quarters of 2026, with bond and stock funding making up a larger share as bank lending growth slowed.
Bond and stock financing together accounted for 49.48% of new social financing from January to September, about 7 percentage points more than loans.
At the end of September, the broad money supply, M2, stood at 359.63 trillion yuan, up 7.2% from a year earlier.
The People’s Bank of China said outstanding social financing reached 468.17 trillion yuan, up 7.1% year on year.
Analysts said the funding shift reflects changing financing needs, while a key challenge is turning available funds into business investment and household consumption.
- Who
- The People’s Bank of China reported the figures; businesses, households and government are among the recipients of financing.
- What
- Bond and stock funding grew as bank loan growth slowed. Overall money supply and social financing continued to expand.
- When
- The figures cover the first three quarters of 2026, with balances reported at the end of September.
- Where
- China.
- Why
- Analysts said the change reflects more diverse financing channels and the changing needs of the economy.
This story does not have two clearly opposing sides.
Bond and stock financing together accounted for 49.48% of new social financing, exceeding the loan share by about 7 percentage points.
M2 reached 359.63 trillion yuan, while outstanding social financing reached 468.17 trillion yuan.
Outstanding yuan loans reached 283.44 trillion yuan, up 4.8% year on year.
- M2 at end-September
- 359.63 trillion yuan; up 7.2% year on year
- Outstanding social financing
- 468.17 trillion yuan at end-September; up 7.1% year on year
- Bond and stock share
- 49.48% of new social financing from January to September
- Enterprise bonds
- Outstanding balance up 9.3% year on year at end-September
- Yuan loans
- 283.44 trillion yuan at end-September; up 4.8% year on year
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What people are saying
货币信贷已经从外延式扩张走向内涵式提质，金融支持实体经济，不再单纯看贷款总量扩张，更看重质效与结构优化。
剪刀差拉大，意味着资金没有充分“活”起来。