The picture shows a view of the People’s Bank of China. (Xinhua photo)
China’s central bank said on Monday new loans in the first half of 2025 were mainly directed toward manufacturing and infrastructure, underscoring continued financial support for the real economy.
Speaking at a press conference held by the State Council Information Office, Yan Xiandong, head of the People’s Bank of China’s (PBOC’s) Statistics and Analysis Department, said the central bank has implemented a moderately accommodative monetary policy this year, strengthened counter-cyclical adjustments and used a mix of policy tools to support high-quality growth of the real economy.
By sector, the structure of loan distribution continued to improve in the first half of the year, with new credit mainly flowing into key areas such as manufacturing and infrastructure. As of the end of June, outstanding medium- and long-term loans to the manufacturing sector rose 8.7 percent year-on-year, with an increase of 920.7 billion yuan ($127 billion) in the first half, according to Yan.
Yan noted that China’s monetary and credit policy in the first half of 2025 was marked by steady overall growth and improved loan structure. By the end of June, outstanding yuan loans stood at 268.56 trillion yuan, up 7.1 percent year-on-year. New yuan loans totalled 12.92 trillion yuan in the first half, with 11.57 trillion yuan going to enterprises and public institutions, reflecting a continued strong credit support for the real economy.
“Manufacturing and infrastructure development have long served as the cornerstone of China’s economic growth,” Bian Yongzu, an executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Monday.
Amid a sluggish global economy and escalating trade and tariff disputes — particularly those initiated by the US — global industrial and supply chains are facing severe disruptions, said Bian, noting that as the world’s largest manufacturing power, China must strengthen support for its manufacturing sector to safeguard the security and resilience of these critical chains.
The integration of manufacturing with advanced technologies is accelerating, making it a key arena for the application of cutting-edge innovations such as artificial intelligence, robotics and big data, he said.
“This technology-driven transformation is not only upgrading the manufacturing sector but also playing a vital role in driving broader economic growth. To ensure high-quality and efficient development, China must scale up strategic investment in its manufacturing industry,” Bian said.
Global Times
