The reporter interviewed a number of industry experts to conduct a forward-looking analysis of new credit and social finance data added during the month. Taken together, the industry generally judged that the scale of new credit and social finance added in August 2026 increased or less compared to the same period in 2025. According to the data, the amount of new credit added in August 2025 was 590 billion yuan, and the increase in social finance was 2.57 trillion yuan. Looking at the new credit, Wang Qing, chief macro analyst at Dongfang Jincheng, believes that due to seasonal factors and other factors, the new credit is expected to reach about 480 billion yuan in August. However, in the current context of “slowing down and improving the quality” of loans, new credit will increase by about 110 billion yuan less than the same period last month. Furthermore, bond market yields are currently declining, and corporate bond financing is replacing bank loans. Coupled with the recent marked increase in the maturity scale of medium- and long-term corporate loans, this is also one reason why new RMB loans continued to decrease year-on-year in August. Looking at the increase in social finance, Liao Zhiming, chief fixed income analyst at Huayuan Securities, predicts that social finance will increase by 2.23 trillion yuan in August, a decrease from the previous year; at the end of August, the growth rate of social finance was 7.3%, down 0.1 percentage points from the previous month.

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