Bond and Equity Financing Surpasses Loans by About 7 Percentage Points in Social Financing Increment

The People's Bank of China released the Financial Statistics Report for the first three quarters of 2026 on October 14, showing that the cumulative social financing increment for this year's first three quarters reached 27.46 trillion yuan. Among these, RMB loans issued to the real economy increased by 11.5 trillion yuan, net corporate bond financing was 2.75 trillion yuan, net government bond financing was 10.3 trillion yuan, and domestic stock financing for non-financial enterprises was 535.9 billion yuan. Calculations indicate that bonds and equity financing accounted for approximately 49.48% of the social financing scale increment, exceeding the loan share by about 7 percentage points. (Securities Times)