Analysis: China’s Savings Migration Is Losing Steam
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New yuan-denominated loans in September increased by 1.29 trillion yuan ($176.7 billion), a year-over-year decrease of 300 billion yuan. The outstanding loan balance grew by 6.6% year-over-year, a slowdown of 0.2 percentage points. A breakdown of credit shows that while loans to households and corporations decreased compared to the same period last year, lending to nonbank financial institutions increased.
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- New yuan loans in September rose by 1.29 trillion yuan, down 300 billion yuan year-over-year; outstanding loans grew 6.6%, a 0.2-point slowdown.
- Household and corporate loans fell versus last year, while loans to nonbank financial institutions increased; medium-/long-term household loans rose slightly amid weak short-term lending.
- Corporate short-term loans rose, but medium-/long-term lending fell due to weak demand; local government bond issuance nears quota, easing its negative effect on loan growth.
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Who’s Who
- Zheshang Securities
- Li Chao, the chief economist at Zheshang Securities, contributed to the analysis of the financial data. The article mentions him in the context of his role at Zheshang Securities when discussing the views expressed in third-party articles.
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