The first quarter of the year saw a steady growth in total credit and historically low loan interest rates, according to financial data released by the People’s Bank of China. With RMB loans increasing by 9.46 trillion yuan, experts noted that this growth provided solid support to the real economy.
New loans reached a historically high level in the first quarter, with an increase of over 1 trillion yuan compared to the same period last year. The total M2 balance exceeded 300 trillion yuan, reflecting stable and balanced credit extension by financial institutions.
The credit structure also continued to be optimized, with loans to enterprises accounting for over 80% of all new loans. The proportion of loans in areas such as inclusive small and micro businesses, green development, and technological innovation increased, while real estate and local financing platform loans declined.
Loan interest rates remained at historically low levels, with corporate and personal housing loan rates at around 3.7%. The reduction in the loan prime rate further drove down interest rates, stimulating credit demand and supporting the real estate market.
As the economy continues to rebound, experts predict a further decrease in loan interest rates, particularly for companies in the new energy sector. The banking sector’s initiative to lower deposit interest rates will help stabilize liability costs and enhance their ability to support the real economy.
Overall, the first quarter financial data indicates a positive trend in credit growth and loan interest rates, providing a favorable monetary and financial environment for economic recovery and improvement. Industry insiders are optimistic about the continued stability and efficiency of financial services in the coming months.