FINANCE

China’s December Credit Growth Beats Expectations on Strong Corporate Borrowing

Published: Jan. 15, 2026 11:52 p.m. GMT+8

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Chinese banks issued 910 billion yuan ($130 billion) in new yuan loans in December. Photo: IC Photo

China’s credit expansion in December surpassed expectations, propelled by strong corporate borrowing that outweighed ongoing weakness in household lending.

Banks issued 910 billion yuan ($130 billion) in new yuan loans last month, the People’s Bank of China (PBOC) said Thursday, beating the 742 billion yuan average forecast in a Caixin survey. Aggregate financing, which includes bank lending and other forms of credit, rose to 2.21 trillion yuan, also exceeding the projected 1.91 trillion yuan.

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China’s December credit expansion beat forecasts, with new yuan loans at 910 billion yuan and aggregate financing at 2.21 trillion yuan, driven mainly by corporate borrowing.
Household loans declined for the third consecutive month, highlighting weak consumer confidence despite strong policy support for the corporate sector.
In 2025, total social financing rose by 35.6 trillion yuan, with direct financing making up 46.9% of the increase; M2 money supply grew 8.5% year-on-year.

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