China's major financial indicators in April grew at a faster pace than in March, providing powerful support for the real economy, as indicated by central bank data released on Wednesday.
According to the People's Bank of China (PBOC), China's outstanding aggregate financing to the real economy (AFRE), the total amount of financing to the real economy, reached 424 trillion yuan (about 58.84 trillion U.S. dollars) at the end of April, marking an 8.7 percent increase on a yearly basis.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased by eight percent year on year to around 325 trillion yuan at the end of April.
China issued 10.06 trillion yuan in new yuan-denominated loans in the first four months of 2025.
In April, inclusive small and micro loans, and medium- and long-term loans in the manufacturing industry increased by 11.9 percent and 8.5 percent year on year, respectively, both higher than the average growth rate of various loans in the same period.
In the same month, the weighted average interest rate for new business loans declined about four basis points from March to about 3.2 percent, maintaining a historically low level.
April financial data indicates China's commitment to strengthening real economy
China's smart consumer device manufacturing sector has seen rapid growth this year, fueled by a government-backed trade-in program and the expansion of diversified consumption scenarios.
From January to May, the country's electronic information manufacturing industry maintained strong momentum, with total revenue of enterprises above the designated size reaching 6.49 trillion yuan (some 900 billion U.S. dollars), up 9.4 percent year on year.
Production of electronic consumer goods recorded steady increases. Over 140 million computers were produced during the period, up 8 percent from a year earlier, while 14.04 million television units rolled off assembly lines, up 1.7 percent year on year.
"Consumption scenarios are becoming more diversified. On the demand side, new smart products are quickly entering the market, opening up emerging markets in home services, health management, and beyond. On the supply side, the industry is clearly moving toward transformation and upgrading, with new growth drivers accelerating," said Zuo Kairui, director of the Industry Development Department of the Institute of Policy and Economics at the China Academy of Information and Communications Technology.
Looking ahead to the second half of the year, China plans to go on promoting its "AI plus consumer goods" initiative, encouraging the development and application of new technologies such as smart wearables, ultra-high-definition video, brain-computer interfaces, and robotics.
Meanwhile, authorities will continue to foster high-growth consumer sectors and guide the smart device industry toward greener, more service-oriented development.
China's smart consumer device industry sees rapid growth amid policy boost
