China's financial data issued by the People's Bank of China (PBOC) Friday for May shows steady growth in total financial volume and sustained high growth rate in social financing, providing strong support for the real economy.
At the end of May, outstanding yuan loans amounted to 266.32 trillion yuan (about 37.13 trillion U.S. dollars), up 7.1 percent year on year, according to the central bank. In the first five months, household loans increased by 572.4 billion yuan, while loans to enterprises increased by 9.8 trillion yuan.
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China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 7.9 percent year on year to 325.78 trillion yuan at the end of May.
The M1, which covers cash in circulation, demand deposits and clients' reserves of non-banking payment institutions, stood at 108.91 trillion yuan at the end of May, up 2.3 percent year on year.
The M0, which indicates the amount of cash in circulation, reached 13.13 trillion yuan at the end of May, an increase of 12.1 percent year on year.
The total social financing stock in China reached 426.16 trillion yuan at the end of May, marking an 8.7 percent increase year on year.
A total of 10.68 trillion yuan in new yuan-denominated loans was issued in the first five months of 2025, central bank data showed.
In the first five months, the newly added social financing amounted to 18.63 trillion yuan (about 2.60 trillion U.S. dollars), representing a 3.83 trillion yuan increase year on year.
Experts said the increased issuance of government bonds is driving the quick growth of social financing.
"This year, the issuance of government bonds has accelerated, with net financing exceeding 3.8 trillion yuan in the first quarter. There are also signs of increased issuance of new special bonds by local governments, with monthly issuance hitting a record high for the year. Together, these factors contributed to the rapid growth of social financing in May," said Dong Ximiao, chief researcher of Merchants Union Consumer Finance Co., Ltd.
China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
China's financial data for May shows robust growth, bolstering real economy
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
