China’s total social financing (TSF) for the first month of 2022 saw a sharp increase compared to the same period last year.
TSF for January was 6.17 trillion yuan, for an increase of 984.2 billion yuan compared to the same period in 2021, according to figures released by the Chinese central bank on 10 February.
“TSF” refers to the aggregate volume of funds provided by China’s domestic financial system to the private sector of the real economy within a given timeframe.
The January TSF figure included 4.2 trillion yuan in new renminbi loans to the real economy, for an increase of 380.6 billion yuan compared to the same period in 2021.
New entrusted loans were 42.8 billion yuan, for an increase of 33.7 billion yuan compared to January 2021, while net enterprise bond financing was 579.9 billion yuan, for an increase of 188.2 billion yuan compared to the same period last year.
As of the end of January outstanding TSF was 320.05 trillion yuan, for a year-on-year (YoY) rise of 10.5%.
This included 195.71 trillion yuan in renminbi loans to the real economy, for a YoY rise of 11.6%, and 2.26 trillion yuan in foreign currency loans to the real economy, for a YoY rise of 2.9%.
As of the end of January renminbi loans to the real economy accounted for 61.1% of outstanding TSF, for a rise of 0.6 percentage points compared to the same period last year.
