On November 13th, financial statistics released by the People's Bank of China showed that China added nearly 15 trillion yuan in RMB loans in the first 10 months of this year. What areas have the newly added loans been directed towards? What are the highlights of the credit structure? According to financial statistics released by the People's Bank of China on the same day, as of the end of October, the balance of RMB loans in China was 270.61 trillion yuan, a year-on-year increase of 6.5%; The stock of social financing scale is 437.72 trillion yuan, a year-on-year increase of 8.5%. Since the beginning of this year, the total financial output has maintained reasonable growth, providing strong financial support for the real economy. ”Associate Professor Wan Xiaoli from the China Institute of Finance at Southwest University of Finance and Economics believes that since the beginning of this year, banks have actively used various structural monetary policy tools to support key areas such as technological innovation, boosting consumption, small and micro enterprises, and stabilizing foreign trade. From the perspective of the structure of new credit, there are some highlights in the growth of corporate loans. Since the beginning of this year, there has been a significant increase in corporate loans, especially medium - and long-term loans, providing sufficient financial support for corporate investment. Data shows that in the first 10 months, loans to state-owned enterprises (institutions) in China increased by 13.79 trillion yuan, making them the main force driving loan growth. Among them, medium and long-term loans increased by 8.32 trillion yuan, accounting for over 60%. Specifically, where did the credit funds flow to? The reporter learned from the People's Bank of China that as of the end of October, the balance of inclusive small and micro loans was 35.77 trillion yuan, a year-on-year increase of 11.6%; The balance of medium and long-term loans in the manufacturing industry was 14.97 trillion yuan, a year-on-year increase of 7.9%. These loan growth rates are all higher than the growth rates of various loans during the same period. In October, China Construction Bank released a service plan to support new industrialization, launched six special actions, and strives to exceed 5 trillion yuan in manufacturing financing scale in the next three years. ”Shang Chaohui, General Manager of the Business Department of China Construction Bank, said that the medium and long-term loans for the manufacturing industry continue to grow, accounting for over 50% of the total manufacturing loans. The People's Bank of China recently released a report on the implementation of China's monetary policy for the third quarter of 2025, which showed that at the end of September, the balance of structural monetary policy tools supporting the "five major financial articles" reached 3.9 trillion yuan. With this support, the loan growth rate in the relevant fields of the "Five Major Articles" is significantly higher than the overall loan growth rate. Data shows that at the end of October, the balance of broad money (M2) increased by 8.2% year-on-year, while the balance of narrow money (M1) increased by 6.2% year-on-year. The "scissors gap" between M2 and M1 has significantly narrowed compared to the same period last year. Zhang Jun, Chief Economist of Galaxy Securities, stated that overall, the production and operation of enterprises remain highly active, and there is a trend of recovery in personal investment and consumption demand. Reducing interest burden helps businesses and residents better unleash their financing needs. The reporter learned from the People's Bank of China that the weighted average interest rate for new loans (in domestic and foreign currencies) issued by enterprises in October was 3.1%, which was about 40 basis points lower than the same period last year; The weighted average interest rate for newly issued personal housing loans (in domestic and foreign currencies) is 3.1%, which is about 8 basis points lower than the same period last year. In recent years, the People's Bank of China has expanded the space for countercyclical adjustment of monetary policy, continuously improved the market-oriented interest rate regulation mechanism, and promoted the pilot work of expressing the comprehensive financing cost of enterprise loans, resulting in sustained low financing costs. ”Zhang Jun said that with the effective implementation of policies such as financial interest subsidies for personal consumption loans, the burden of personal interest will be further reduced, which will help enhance consumption ability and cultivate consumption demand. In addition, bond financing has grown significantly since the beginning of this year, driving the sustained and rapid growth of social financing scale. In the first 10 months, the cumulative increase in social financing scale was 30.9 trillion yuan, of which the net financing of corporate bonds was 1.82 trillion yuan, an increase of 136.1 billion yuan year-on-year; The net financing of government bonds was 11.95 trillion yuan, an increase of 3.72 trillion yuan year-on-year. This means that the proportion of government and corporate bond financing in new social financing has risen to about 45%. ”Zhang Xu, Chief Fixed Income Analyst at Everbright Securities, said that with the improvement of China's financial system and innovation in the financial market, the financing channels for enterprises are becoming increasingly diversified, shifting from relying more on bank loans in the past to using a variety of market-oriented financing methods such as bonds and stocks. The report of the People's Bank of China shows that in the next stage, the People's Bank of China will implement a moderately loose monetary policy and maintain relatively loose social financing conditions. Give full play to the guiding role of monetary and credit policies, and strengthen support for major national strategies, key areas of economic and social development, and weak links. Establish a sound mechanism for the formation, regulation, and transmission of market-oriented interest rates, and promote the decline of comprehensive financing costs in society. (New Society)