Financial data kicks off the year with a bang! Money has increased, where is the nearly 5 trillion yuan in loans flowing to?

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Guoshi Direct Line

China’s financial data growth exceeded expectations in 2026. The broad money supply (M2) and social financing scale grew rapidly, with RMB loans increasing by 4.71 trillion yuan.

On the 13th, the People’s Bank of China released data showing that at the end of January 2026, the balance of broad money (M2) was 347.19 trillion yuan, a year-on-year increase of 9.0%, up 0.5 percentage points from the previous month and up 2.0 percentage points from the same period last year.

The stock of social financing was 449.11 trillion yuan, a year-on-year increase of 8.2%, up 0.2 percentage points from the same period last year.

The balance of various RMB loans reached 276.62 trillion yuan, a year-on-year increase of 6.1%. The balance of medium and long-term loans in the service industry, excluding real estate, was 60.03 trillion yuan, a year-on-year increase of 9.2%.

Policy continues to strengthen “money is increasing”

Experts analyze that the macroeconomic policy at the beginning of 2026 is more proactive. On the one hand, the moderately loose monetary policy continues to exert force, lowering the interest rate on structural tools by 0.25 percentage points and incentivizing banks to increase credit allocation to key areas in a market-oriented manner.

On the other hand, the tone of fiscal policy is becoming more proactive. In January, government bond financing reached 976.4 billion yuan, an increase of 283.1 billion yuan compared to the same period last year, with significant increases in the issuance scale of government bonds, general local government bonds, and special bonds. In January, the incremental financing from government bonds accounted for 13.5% of the total social financing scale, the highest level for the same period since 2021.

In addition to government bonds, corporate bonds and equity financing are also accelerating development. The current economic transformation is speeding up, with high-tech industries and strategic emerging industries rising rapidly, requiring diversified financing channels, including equity and bond financing, to provide funding support throughout their life cycles.

Major projects intensively launched “money flows smoothly”

Recently, the National Development and Reform Commission issued a list of the 2026 advance batch of “two heavy” construction projects and central budget investments, with a total scale of about 295 billion yuan. Local governments are actively promoting early start and construction of major projects to quickly achieve physical workload, providing effective project carriers and funding connections to stimulate investment vitality and promote credit allocation.

Guoshi Direct Line learned from the People’s Bank of China that many banks have reported that the approval pace of loans in the infrastructure sector has significantly accelerated in the first quarter of this year, with a substantial year-on-year increase in the amount disbursed.

Corporate loans enhance quality “hot money shifts to new”

Data shows that in January, loans to enterprises (institutions) increased by 4.45 trillion yuan, providing strong medium and long-term funding support for key areas such as manufacturing and emerging industries.

The growth rate of technology loans, inclusive micro-loans, and medium and long-term loans for manufacturing continues to exceed that of all loans, and the proportion of loans in the financial “five major articles” has significantly increased, demonstrating an increasingly clear trend of credit resources concentrating in high-quality development areas.

Industry experts believe that the shift in the flow of credit resources from traditional sectors to emerging fields is both a natural result of the transformation and upgrading of the economic structure and a core manifestation of financial support for enhancing the quality and efficiency of the real economy.

Personal loans grow as consumer demand is released

In January, household loans increased by 456.5 billion yuan, of which short-term loans increased by 109.7 billion yuan and medium and long-term loans increased by 346.9 billion yuan.

As the Spring Festival approaches, diverse consumer demands such as purchasing New Year goods, home renovations, and travel are being concentratedly released, highlighting the pull effect on the growth of personal loans.

Recently, the Ministry of Finance and other three departments optimized the implementation of the personal consumption loan interest subsidy policy, extending the policy period to the end of 2026, expanding the support scope and subsidized fields, and raising the subsidy standards. The smooth continuation of relevant policies helps enhance residents’ willingness to consume and also supports the growth of personal loans.

Since the beginning of the year, the fiscal side has introduced a series of policies to promote domestic demand, including four policies to support private investment and two policies to promote consumption.

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Editor: Ling Chen