Central Bank: Real Estate Loan Growth Rebounded by the End of Q1 2025

According to the People's Bank of China (PBOC) website, as compiled by the PBOC, at the end of Q1 2025, the outstanding balance of RMB loans from financial institutions was 265.41 trillion yuan, up 7.4% YoY. In Q1, RMB loans increased by 9.78 trillion yuan.

I. Steady Growth in Loans to Enterprises and Institutions

At the end of Q1 2025, the outstanding balance of domestic and foreign currency loans to enterprises and institutions was 179.53 trillion yuan, up 8.8% YoY, with an increase of 8.56 trillion yuan in Q1.

By maturity, the outstanding balance of short-term loans and bill financing was 60.69 trillion yuan, up 9.3% YoY, with an increase of 2.9 trillion yuan in Q1. The outstanding balance of medium and long-term loans was 115.24 trillion yuan, up 8.7% YoY, with an increase of 5.53 trillion yuan in Q1.

By purpose, the outstanding balance of fixed asset loans was 75.94 trillion yuan, up 8.5% YoY, with an increase of 3.44 trillion yuan in Q1. The outstanding balance of operating loans was 73.94 trillion yuan, up 7.3% YoY, with an increase of 4.66 trillion yuan in Q1.

II. Rapid Growth in Medium and Long-Term Loans to Industries and Infrastructure-Related Sectors

At the end of Q1 2025, the outstanding balance of domestic and foreign currency medium and long-term industrial loans was 26.04 trillion yuan, up 11.2% YoY, 4.3 percentage points higher than the growth rate of all loans, with an increase of 1.52 trillion yuan in Q1. Among them, the outstanding balance of medium and long-term loans to heavy industry was 22.19 trillion yuan, up 11.1% YoY; the outstanding balance of medium and long-term loans to light industry was 3.86 trillion yuan, up 11.8% YoY.

At the end of Q1 2025, the outstanding balance of domestic and foreign currency medium and long-term loans to the service sector was 70.62 trillion yuan, up 6.8% YoY, 0.1 percentage point lower than the growth rate of all loans, with an increase of 2.99 trillion yuan in Q1. The outstanding balance of medium and long-term loans to the service sector excluding real estate was up 7.5% YoY; the outstanding balance of medium and long-term loans to the real estate sector was up 4.5% YoY, 2.5 percentage points lower than the growth rate at the end of the previous year.

At the end of Q1 2025, the outstanding balance of domestic and foreign currency medium and long-term loans to infrastructure-related sectors was 42.66 trillion yuan, up 8% YoY, 1.1 percentage points higher than the growth rate of all loans, with an increase of 1.72 trillion yuan in Q1.

III. Steady Growth in Inclusive Micro and Small Enterprise Loans

At the end of Q1 2025, the outstanding balance of inclusive micro and small enterprise loans1 in RMB was 34.81 trillion yuan, up 12.2% YoY, 4.8 percentage points higher than the growth rate of all loans, with an increase of 1.9 trillion yuan in Q1. The outstanding balance of operating loans to farmers with a single-household credit line of less than 5 million yuan was 9.98 trillion yuan, with an increase of 409.8 billion yuan in Q1. The outstanding balance of student loans was 273.1 billion yuan, up 28.3% YoY.

IV. Significant Increase in Green Loans

At the end of Q1 2025, the balance of domestic and foreign currency green loans2 stood at 40.61 trillion yuan, up 9.6% from the beginning of the year, with an increase of 3.56 trillion yuan in Q1.

By purpose, the balances of loans for green infrastructure upgrades, loans for green and low-carbon energy transitions, and loans for ecological protection, restoration, and utilization were 18.11 trillion yuan, 8.13 trillion yuan, and 4.81 trillion yuan, respectively, with increases of 1.47 trillion yuan, 468 billion yuan, and 426.9 billion yuan in Q1. By sector, the balance of green loans for the electricity, gas, and water production and supply industries was 8.45 trillion yuan, with an increase of 458.8 billion yuan in Q1; the balance of green loans for the transportation, storage, and postal services industries was 7.4 trillion yuan, with an increase of 395.9 billion yuan in Q1.

V. Sustained Growth in Agriculture-related Loans

At the end of Q1 2025, the balance of domestic and foreign currency agriculture-related loans3 was 52.9 trillion yuan, up 8.4% YoY, with a growth rate 1.5 percentage points higher than that of all loans, and an increase of 2.78 trillion yuan in Q1.

At the end of Q1 2025, the balance of rural loans was 38.75 trillion yuan, up 8.3% YoY, with an increase of 1.95 trillion yuan in Q1. The balance of loans to rural households was 18.73 trillion yuan, up 5.7% YoY, with an increase of 529.3 billion yuan in Q1. The balance of agricultural loans was 6.82 trillion yuan, up 8.2% YoY, with an increase of 460.2 billion yuan in Q1.

VI. Rebound in Growth Rate of Real Estate Loans

At the end of Q1 2025, the balance of RMB real estate loans was 53.54 trillion yuan, up 0.04% YoY, with a growth rate 0.2 percentage points higher than that at the end of the previous year, and an increase of 619.7 billion yuan in Q1.

At the end of Q1 2025, the balance of real estate development loans was 13.87 trillion yuan, up 0.8% YoY, with an increase of 353.5 billion yuan in Q1. The balance of individual housing loans was 37.9 trillion yuan, down 0.8% YoY, with a growth rate 0.5 percentage points higher than that at the end of the previous year, and an increase of 214.4 billion yuan in Q1.

VII. Strong Support for Science and Technology Innovation Enterprises4 through Loans

At the end of Q1 2025, 271,800 technology-based small and medium-sized enterprises had received loan support, with a loan acquisition rate of 549.6%, 3.6 percentage points higher than that of the same period last year. The balance of domestic and foreign currency loans for technology-based small and medium-sized enterprises was 3.33 trillion yuan, up 24% YoY, with a growth rate 17.1 percentage points higher than that of all loans.

267,100 high-tech enterprises had received loan support, with a loan acquisition rate of 57.7%, 1.3 percentage points higher than that of the same period last year. The balance of domestic and foreign currency loans for high-tech enterprises was 18.45 trillion yuan, up 8.5% YoY, with a growth rate 1.6 percentage points higher than that of all loans.

VIII. Household Consumer Loans Maintain Growth

At the end of Q1 2025, the outstanding balance of household loans in both domestic and foreign currencies was 83.88 trillion yuan, up 3% YoY, with an increase of 1.04 trillion yuan in Q1. Among them, the outstanding balance of operating loans was 24.97 trillion yuan, up 6.5% YoY, with an increase of 796.5 billion yuan in Q1. The outstanding balance of consumer loans, excluding individual housing loans, was 21.02 trillion yuan, up 6.1% YoY, with an increase of 32.1 billion yuan in Q1.