FINANCE

Shenzhen’s Credit Surge Tops $90 Billion in 2025 as Central Bank Tools Take Hold

Published: Jan. 23, 2026 11:34 p.m. GMT+8

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People’s Bank of China Shenzhen Branch

Shenzhen saw a surge of more than 630 billion yuan ($90 billion) in social financing in 2025, as structural monetary policy tools rolled out by China’s central bank played a pivotal role in guiding capital into strategic sectors.

An official from the People’s Bank of China’s (PBOC) Shenzhen branch revealed the figures at a press conference Friday, reporting that outstanding loans in both domestic and foreign currencies totaled 9.97 trillion yuan at the end of 2025 — marking a 5.1% increase over the previous year.

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Shenzhen's social financing surged by over 630 billion yuan in 2025, with loans totaling 9.97 trillion yuan, up 5.1% year-on-year.
Targeted monetary policy tools boosted lending to tech, green, and digital sectors, each sector's share rising 1.9, 3.3, and 1.4 percentage points.
Direct financing reached a 40% share; the Tech Board enabled 44.15 billion yuan in bond issuance by local non-financial firms since May 2025.

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What Happened When

March 2025：: PBOC Governor Pan Gongsheng unveiled the Tech Board in Shenzhen's bond market to help technology firms and private equity players access bond markets.

May 2025：: The Tech Board was launched, enabling local non-financial firms to begin issuing innovation-focused bonds.

By the end of 2025：: Outstanding loans in both domestic and foreign currencies in Shenzhen totaled 9.97 trillion yuan, a 5.1% increase over the previous year.

By the end of 2025：: Outstanding loans supported by re-lending programs for technological innovation and technical upgrades reached 70.6 billion yuan, an increase of 54.5 billion yuan from the start of the year.

January 15, 2026：: PBOC Deputy Governor Zou Lan announced that the central bank would cut interest rates on structural instruments and raise quotas for tech and upgrade-related re-lending, as well as establish a dedicated 1 trillion yuan facility to support private businesses.