经济新闻
上海一季度社会融资规模回升，企业借贷成本降至历史最低水平 2026-04-29
Shanghai’s social financing increased at a faster pace in the first quarter than a year earlier, as corporate borrowing costs plunged to a record low last month, pointing to better financing conditions for the real economy.
The city's total social financing -- a broad gauge of credit and liquidity provided by the financial system to the real economy, specifically households and non-financial firms -- rose by CNY474.3 billion (USD69.4 billion) in the three months ended March 31, CNY13.8 billion (USD2 billion) more than a year ago, according to data released on April 28 by the Shanghai branch of the People's Bank of China.
Shanghai has doubled down on making corporate financing costs more transparent this year. Banks are now required to disclose the full cost of borrowing to companies, including both interest and non-interest charges, and 23 lenders are taking part in the initiative.
The change is already feeding through to lending rates. Last month, the weighted average rate on newly issued corporate loans in Shanghai fell to 2.63 percent, down 22 basis points from a year earlier to the lowest on record. For small and micro enterprises, the rate dropped to 2.87 percent, a 30-point drop, according to PBOC data.
Credit allocation has also become more targeted, with lending continuing to tilt toward technology, small and micro businesses, and cross-border financing.
At the end of March, Shanghai’s loan book in both Chinese yuan and foreign currencies had reached CNY13.5 trillion (USD2 trillion), a 6 percent year-on-year increase. Lending to the information technology industry and scientific research services sector jumped 41 percent and 28 percent, respectively, while loans to small and micro firms rose 13 percent, and overseas lending climbed 22 percent, all outpacing overall loan growth.
Deposits also expanded quickly. By March-end, Shanghai’s domestic and foreign currency deposits reached CNY24.9 trillion, a 13 percent annual increase, per the PBOC data. Household deposits rose 8 percent, while deposits by non-financial firms increased 6 percent.
Source: Yicai Global
