中国8月新增人民币贷款仅600亿元，远低于市场预期1。针对贷款增速明显下降的现象，中国央行行长潘功勋在求是杂志发表文章，将这一趋势定位为经济发展进入新阶段的必然结果1。
潘功勋表示，"贷款降速提质或将成为宏观运行的新常态之一"1。他指出，贷款增速下降和信贷结构优化是与经济发展阶段转变相适应的现象，有利于保持宏观杠杆率稳定1。同时，直接融资（债券、股票）比重稳步上升，间接融资比重持续下降1，反映出金融结构的优化调整。
据央行数据，中国社会融资规模超过460兆元，广义货币余额超过350兆元，贷款余额超过280兆元1。2025年至2026年上半年，房地产贷款余额累计下降超2兆元1。
China's new yuan-denominated loans totaled only 60 billion yuan in August, falling far short of expectations.1 In an article published in Qiushi magazine, Pan Gongsheng, governor of the People's Bank of China, characterized the deceleration in loan growth and optimization of credit structure as a new normal in economic operations.1 He stated that "slower loan growth with improved quality may become one of the new normals in macroeconomic operations," arguing that this shift aligns with China's transition to a new stage of economic development and helps maintain stability in the macroeconomic leverage ratio.1
The broader financial picture shows China's total social financing scale exceeding 460 trillion yuan, with broad money supply surpassing 350 trillion yuan and outstanding loan balances exceeding 280 trillion yuan.1 Real estate loan balances declined by more than 2 trillion yuan cumulatively between 2025 and mid-2026.1 This restructuring reflects a shift in China's financing patterns, with direct financing through bonds and equities gaining steady ground while indirect financing through bank loans continues to decline in relative share.1
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