China’s credit grew at the slowest pace since April 2020

China’s aggregate financing grew by 12.3% y/y in March, the slowest pace since April 2020, as policymakers took measures to balance growth and debt. China’s total credit grew by RMB 3.34tn in March alone and by RMB 10.23tn in Q1.

Aggregate financing is China’s main gauge of credit growth, revealing the level of support by China’s domestic financial system to the private sector. It includes financing through both the banking system as well as the capital market.

Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q2 2021 report.