Table 1 Structure of RMB Deposits during the First Half of 2017
RMB 100 million, %
| Deposits at end-June | YOY growth | Increase from the beginning of the year | Change in the increase from the same period of the last year | |
| RMB deposits | 1,596,636 | 9.2% | 90,712 | -14,572 |
| Households | 637,138 | 9.6% | 39,355 | 3,951 |
| Non-financial enterprises | 515,971 | 10.9% | 14,471 | -21,188 |
| Government | 295,245 | 8.6% | 24,585 | -4,942 |
| Non-banking financial institutions | 137,624 | 4.3% | 10,341 | 6,052 |
| Overseas | 10,657 | -8.5% | 1,959 | 1,554 |
Source: People’s Bank of China
III. Rapid Growth in Lending by Financial Institutions
At the end of June, outstanding loans in domestic and foreign currencies of all financial institutions posted RMB 120.2 trillion, up 12.7 percent year on year and representing anacceleration of 0.4 percentage point from end-March. This was an increase of RMB 8.2 trillion from the beginning of the year,which was RMB 811.8 billion more than the increase during the same period of the last year. As of end-June, outstanding RMB loans stood at RMB 114.6 trillion, which represented year-on-year growth of 12.9 percent, anacceleration of 0.5 percentage point from end-March. This was an increase of RMB 7,967.8billion from the beginning of the year and an acceleration of RMB 436.2 billion year on year. Monthly increasesinlendinghave been exceeding RMB 1 trillion since the beginning of 2017, with loans extended during the first half of the year and in June reaching record levels as compared with the highest levels in history during the same periods. Actual increasesin loans are even stronger if swaps of the debt stock of local governments are taken into consideration.
In terms of maturities, the share of new medium- and long-term RMB loans expanded. These loans increased by RMB 7.1 trillion from the beginning of the year, which represented an acceleration of RMB 1.9 trillion year on year and accounted for88.9 percent of the total new loans, up 19.8 percentage points over the same period of the last year. There was a notableslowdown in medium- and long-term lending to overcapacity industries. Broken down by sectors, loans to the household sector moderated from their high levels, growing 23.9 percent at end-June, which was 0.7 percentage point lower than the growth at end-March. Among this total, mortgage loans slowed down to30.8 percent at end-June, down 6 percentage points from their highest level in 2017. Continued moderation in year-on-year monthly mortgage growth since March led to smaller mortgage lending of RMB 2.2 trillion in the first half of the year, which represented a deceleration of RMB 70.8 billion year on year and accounted for a lower share of the total new lending, at 27.8 percent, down by 2.6 percentage points from the same period of the last year. Lending to non-financial enterprises and government departments and organizations increased by RMB 4.4 trillion from the beginning of the year. On a monthly basis, it grew by RMB 508.7 billion, RMB 566.1 billion, and RMB 700.4 billion in April, May, and June respectively, representing year-on-year accelerations of RMB 367.2 billion, RMB 206.4 billion, and RMB 91.4 billion. Broken down by the type of institutions, Chinese-funded small- andmedium-sized banks and small rural financial institutions saw the strongest acceleration in lending growthon a year-on-year basis.
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Table 2 The Structure of RMB Loans during the First Half of 2017
RMB 100 million, %
| Outstanding amount at end- September | YOY growth | Increase from the beginning of the year | Change in the increase from the same period of the last year | |
| RMB loans to | 1,145,721 | 12.9% | 79,678 | 4,362 |
| Households | 371,453 | 23.9% | 37,749 | 8,290 |
| Non-financial enterprises, government departments, and organizations | 762,748 | 8.5% | 44,323 | -972 |
| Non-banking financial institutions | 7,055 | -19.7% | -2,487 | -2,733 |
| Overseas | 4,465 | 28.5% | 92 | -224 |
Source: People’s Bank of China
Table 3 New RMB Loans by Financial Institutions during the First Half of 2017
RMB 100 million
| New loans | YOY acceleration | |
| Chinese-funded large-sized banks 1 | 31,604 | 187 |
| Chinese-funded small- and medium-sized banks2 | 42,149 | 1,177 |
| Small-sized rural financial institutions3 | 10,468 | 1,698 |
| Foreign-funded financial institutions | 1,001 | 473 |
Notes: 1. Chinese-funded large-sized banks refer to banks with assets (both in domestic and foreign currencies) of RMB 2 trillion or more (according to the amount of total assets in both domestic and foreign currencies at end-2008).
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2. Chinese-funded small- and medium-sized banks refer to banks with total assets (both in domestic and foreign currencies) of less than RMB 2 trillion (according to the amount of total assets in both domestic and foreign currencies at end-2008).
3. Small-sized rural financial institutions include rural commercial banks, rural cooperative banks, and rural credit cooperatives.
Source: People’s Bank of China
Loans in foreign currencies increased considerably. As of end-June, outstanding loans in foreign currencies of all financial institutions stood at USD 832.7 billion, representing an increase of USD 46.9 billion from the beginning of the year and an acceleration of USD 92.1 billion year on year. In terms of the use of loans, short-term loans by non-financial enterprises and government departments and organizations increased by USD 7.0 billion from the beginning of the year, an acceleration of USD 65.0 billion; external loans increased by USD 39.8 billion from the beginning of the year, an acceleration of USD 26.7 billion.
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