Pan Gongsheng: In 2025, the proportion of direct financing will exceed loans for the first time

The Governor of the People's Bank of China, Pan Gongsheng, pointed out that China's financing structure is undergoing profound changes. By 2025, the incremental social financing scale will reach 35.6 trillion yuan, with corporate bonds, government bonds, and stock financing accounting for about 47%, surpassing loans for the first time. By the end of June 2026, the proportion of indirect financing balance in the social financing scale will drop to about 2/3, while the proportion of loan balance will decrease to about 60%, and the proportion of direct financing balance will rise to about 1/3.

In the past decade, the proportion of new loans for real estate and infrastructure construction in total loans has decreased from over 60% to around 10%, while the proportion of new loans in the financial "five major articles" sector has risen to over 70%. The loan growth rate for technology-based small and medium-sized enterprises remains around 20%, and the annual growth rate of inclusive micro and small loans is about 20%. There are over 5,500 listed companies in the A-share market, with a total market value exceeding 110 trillion yuan; the total scale of the bond market has surpassed 200 trillion yuan, and the cumulative issuance of sci-tech bonds is about 3 trillion yuan.