China's Social Financing Hits 456.89 Trillion Yuan, Up 7.8% as Government Bonds Jump 15.6%
Updated
Updated · CGTN · May 14
China's Social Financing Hits 456.89 Trillion Yuan, Up 7.8% as Government Bonds Jump 15.6%
3 articles · Updated · CGTN · May 14
456.89 trillion yuan in outstanding social financing was recorded at the end of April, with China's broad credit measure rising 7.8% from a year earlier, PBOC preliminary data showed.
15.45 trillion yuan of new social financing was added in the first four months of 2026, with government bonds a main driver as their outstanding stock climbed to 99.37 trillion yuan, up 15.6%.
276.9 trillion yuan in outstanding RMB loans to the real economy marked a slower 5.6% annual increase, while outstanding corporate bonds reached 35.52 trillion yuan, up 8.3%.
The mix points to public-sector borrowing providing more support to overall financing growth than bank lending, offering a snapshot of how credit expansion is being sustained in early 2026.
With its total debt topping 300% of GDP, is China engineering a recovery or spiraling towards an inevitable financial crisis?
Can China's massive green finance initiative save its economy, or is it merely a distraction from its deep-rooted property crisis?