Total Social Financing rose by RMB 35.6 trilion in 2025, an increase of RMB 3.34 trillion compared to the previous year, bringing the outstanding stock of TSF to RMB 442.12 trillion by end-December. Broad money (M2) grew by 8.5% year-on-year to RMB 340.29 period, down from RMB 18.09 trillion in 2024, reflecting weak consumption and investment December TSF came in at RMB 2.21 trllion, down from RMB 3.53 trillion in September, while new yuan loans declined to RMB 910 billion from RMB 1.29 trillion over the same period. Notably, government bonds and other forms of direct financing contributing more to TSF growth than traditional bank lending for the first time. forces" remained robust. Outstanding loans to the technology and green sectors grew by growth. Nevertheless, the scale of financing directed towards these emerging sectors remains insufficient to offset the continued contraction in real estate-related lending, which has left a sizeable drag on aggregate credit expansion.