China’s social financing scale in the first 11 months of 2025 exceeded that of the whole of 2024, according to central bank data released on Friday.

According to preliminary statistics from the People's Bank of China, the aggregate financing to the real economy was 33.39 trillion yuan (about 4.73 trillion U.S. dollars) in the first 11 months, which was 3.99 trillion yuan more than the same period last year.

The M2, a broad measure of money supply that includes cash in circulation and all deposits, increased 8 percent year on year, reaching 336.99 trillion yuan at the end of November.

Both M2 and the social financing scale have remained at relatively high levels, helping sustain a supportive monetary and financial environment for economic recovery and improvement.

The balance of Chinese yuan loans stood at 271 trillion yuan at the end of November, up 6.4 percent year on year, according to the central bank.

The loan scale maintained reasonable growth, and the credit structure continued to improve. Inclusive loans to small and micro enterprises and medium- and long-term loans to the manufacturing sector increased by 11.4 percent and 7.7 percent year on year, respectively -- both higher than the overall loan growth rate during the same period.