PBOC Deputy Governor Zou Lan: China's Financing Structure Undergoing Long-Term, Trend-Level Changes as Economic Restructuring and Upgrading Advance

Speaking at the Hong Kong International Financial Leaders Investment Summit, PBOC Deputy Governor Zou Lan said that as China's economy undergoes structural transformation and upgrading, corporate assets are shifting from land and factories to technology, brands and human capital. Financing needs have become more rational and diversified, and China's financing structure is accordingly undergoing long-term, trend-level changes, with the share of direct financing rising steadily. In 2025, bonds and equities combined accounted for more than loans in the increment of total social financing for the first time, and this share rose further to 49.5% in the first nine months of this year. The allocation of loans has also shifted from being dominated by real estate and infrastructure toward high-quality development areas such as technology and green industries. (Caixin)