The People’s Bank of China recently released data indicating that by the end of 2023, the balance of household consumption loans in the country is projected to reach 19.77 trillion yuan. This represents a significant year-on-year increase of 9.4%, with a growth rate that is 4.7 percentage points higher than the previous year.
According to a statistical report on loan investment by financial institutions, household loans in China are expected to increase by 4.33 trillion yuan in 2023, marking a 364.8 billion yuan year-on-year increase. Of this total, household consumption loans are projected to increase by 1.75 trillion yuan, reflecting a 942.6 billion yuan year-on-year increase.
Additionally, the data indicates that household operating loans in China have also experienced rapid growth. The balance of household operating loans by the end of 2023 is estimated to be 22.15 trillion yuan, representing a 17.2% year-on-year increase, which is 0.7 percentage points higher than the previous year. The annual increase in household operating loans is projected to be 3.23 trillion yuan, reflecting a 546.6 billion yuan year-on-year increase.
The release of this data provides important insights into the state of household loans and consumption in China, indicating significant growth and potential economic activity. The People’s Bank of China will continue to monitor and analyze these trends as they shape the country’s financial landscape.