According to statistics from the People's Bank of China, the outstanding balance of RMB loans held by financial institutions reached 280.51 trillion yuan by the end of the first quarter of 2026, representing a year-on-year increase of 5.7%. During the quarter, RMB loans increased by 8.6 trillion yuan.

Corporate and institutional loans maintained steady growth. By the end of Q1 2026, the outstanding balance of loans in both local and foreign currencies to enterprises and institutions stood at 194.88 trillion yuan, up 8.6% year-on-year. The growth rate was 0.3 percentage points lower than that at the end of the previous year. Loans increased by 8.67 trillion yuan during the quarter.

By maturity, the outstanding balance of short-term loans and bill financing was 67.26 trillion yuan, a rise of 10.8% compared to the same period last year, with an increase of 3.1 trillion yuan in the first quarter. The outstanding balance of medium- and long-term loans reached 123.81 trillion yuan, growing by 7.4% year-on-year, with an addition of 5.42 trillion yuan in Q1.

By purpose, the outstanding balance of fixed-asset loans was 79.96 trillion yuan, up 5.3% year-on-year, increasing by 2.69 trillion yuan in the quarter. The outstanding balance of operating loans was 82.07 trillion yuan, rising 11.0% year-on-year, with a growth of 5.95 trillion yuan in Q1.

Medium- and long-term loans to the industrial sector showed generally stable growth. By the end of Q1 2026, the outstanding balance of medium- and long-term industrial loans in local and foreign currencies was 27.82 trillion yuan, increasing 6.8% year-on-year. This growth rate was 1.1 percentage points higher than the average for all loans. Loans increased by 1.22 trillion yuan during the quarter. Specifically, medium- and long-term loans to heavy industry reached 23.51 trillion yuan, up 6% year-on-year, while loans to light industry stood at 4.31 trillion yuan, growing 11.8%.

The outstanding balance of medium- and long-term loans to the service sector was 76.14 trillion yuan by the end of Q1, rising 7.8% year-on-year, which was 2.1 percentage points higher than the average growth rate for all loans. Loans increased by 3.25 trillion yuan in the quarter. Excluding the real estate sector, medium- and long-term loans to the service sector grew by 9.9%. Medium- and long-term loans to the real estate sector increased by 0.1%.

The outstanding balance of medium- and long-term loans to infrastructure-related industries was 45.28 trillion yuan, up 6.1% year-on-year, a rate 0.4 percentage points higher than the average for all loans. Loans increased by 1.62 trillion yuan in Q1.

Inclusive loans to small and micro enterprises maintained relatively stable growth. By the end of Q1 2026, the outstanding balance of RMB inclusive loans to small and micro enterprises was 38.38 trillion yuan, an increase of 10.3% year-on-year. This growth rate was 4.6 percentage points higher than the average for all loans. Loans increased by 1.8 trillion yuan during the quarter. The outstanding balance of operating loans to farmers with credit lines under 5 million yuan per household was 10.22 trillion yuan, increasing by 413.5 billion yuan in Q1. The outstanding balance of student loans was 362.2 billion yuan, surging 32.6% year-on-year.

Green loans continued to expand. By the end of Q1 2026, the outstanding balance of green loans in local and foreign currencies was 48.1 trillion yuan, rising 17.6% year-on-year, with an increase of 3.29 trillion yuan during the quarter.

By purpose, the outstanding balances of loans for infrastructure green upgrades, energy green and low-carbon transition, and ecological protection, restoration, and utilization were 21.53 trillion yuan, 8.74 trillion yuan, and 5.4 trillion yuan, respectively. By sector, the outstanding balance of green loans to the production and supply of electricity, heat, gas, and water was 9.25 trillion yuan, increasing by 298.8 billion yuan in Q1. The outstanding balance of green loans to the transportation, storage, and postal services sector was 8.9 trillion yuan, rising by 599.1 billion yuan in the quarter.

Loans to the agriculture-related sector saw a rebound in growth. By the end of Q1 2026, the outstanding balance of agriculture-related loans in local and foreign currencies was 54.32 trillion yuan, up 6.7% year-on-year, a rate 1 percentage point higher than the average for all loans. Loans increased by 2.81 trillion yuan during the quarter.

The outstanding balance of rural loans was 40.92 trillion yuan, growing 6.1% year-on-year, with an increase of 2 trillion yuan in Q1. The outstanding balance of loans to farmers was 18.85 trillion yuan, up 0.7% year-on-year, increasing by 453.8 billion yuan in the quarter. The outstanding balance of agricultural loans was 7.44 trillion yuan, rising 9.1% year-on-year, with a growth of 552.8 billion yuan.

Real estate loans showed a slowdown. By the end of Q1 2026, the outstanding balance of RMB real estate loans was 51.7 trillion yuan, down 3.4% year-on-year, decreasing by 276.7 billion yuan during the quarter.

The outstanding balance of real estate development loans was 13.17 trillion yuan, falling 5.1% year-on-year, with a reduction of 16.1 billion yuan in Q1. The outstanding balance of individual housing loans was 36.72 trillion yuan, declining 3.1% year-on-year, decreasing by 291.1 billion yuan in the quarter.

Loan support for technology and innovation-oriented enterprises remained substantial. By the end of Q1 2026, 303,300 small and medium-sized technology-based enterprises had obtained loan support, with a loan acquisition rate of 50.4%, 0.2 percentage points higher than at the end of the previous year. The outstanding balance of loans to these enterprises was 4.03 trillion yuan, surging 20.9% year-on-year, with the growth rate 1.1 percentage points higher than at the end of the prior year.

A total of 294,600 high-tech enterprises had received loan support by the end of Q1, with a loan acquisition rate of 58.6%, up 1.3 percentage points from the end of the previous year. The outstanding balance of loans to high-tech enterprises was 20.96 trillion yuan, increasing 13.6% year-on-year, 6.1 percentage points higher than at the end of the prior year.

Household operating loans continued to grow. By the end of Q1 2026, the outstanding balance of household loans in local and foreign currencies was 83.58 trillion yuan, down 0.4% year-on-year, increasing by 296.3 billion yuan during the quarter. Among these, the outstanding balance of operating loans was 25.89 trillion yuan, up 3.7% year-on-year, with an increase of 788.4 billion yuan in Q1. The outstanding balance of consumer loans excluding individual housing loans was 20.97 trillion yuan, decreasing 0.2% year-on-year, with a reduction of 201 billion yuan in the quarter.

Note 1: Since October 2024, the statistical scope for inclusive loans to small and micro enterprises has been adjusted to include loans to small and micro enterprises with credit lines under 10 million yuan per household, as well as operating loans to individual businesses and owners of small and micro enterprises with credit lines under 10 million yuan. Data in this report are based on comparable calibers. Note 2: Since June 2024, the statistical scope for rural areas has been adjusted, excluding county town urban areas from rural regions. Data in this report are based on comparable calibers. Note 3: Relevant data are comparable figures calculated based on the currently used list. Note 4: The loan acquisition rate is the ratio of the number of enterprises that have obtained loans to the total number of enterprises in the名录.