For the last 12 months, total social financing, the broad measure of liquidity in the economy, rose 2.9 trillion yuan to 15.8 trillion yuan. Corporate bond sales rose 65 percent last year to 2.25 trillion yuan, while trust loans surged more than sixfold to 1.29 trillion yuan, according to the central bank.
Yuan-backed bank loans provided 52.1 percent of total funding, 6.1 percentage points down from a year earlier. Trust loans accounted for 8.2 percent, 6.6 percentage points up, signaling the economy's decreasing dependence on bank credit.
M2, the broadest measure of money supply, rose 13.8 percent in December from a year earlier, below an annual target of 14 percent.
Forex reserves grow the least in 2012
China's foreign exchange reserves grew the least in the past decade to US$3.31 trillion, the world's biggest, last year, the central bank said yesterday.
The holdings rose US$129 billion from a year earlier amid slowing exports and speculative capital outflows, the People's Bank of China said.
"China posted only a small gain in foreign exchange reserves, which stayed below the annual trade surplus," Dariusz Kowalczyk, senior economist for Asia except Japan at Credit Agricole, said in a note yesterday. "This suggests capital outflows or the PBOC transferred the reserves to another entity. Most likely, either foreign investors were not confident in China's recovery or domestic investors were finding ways to diversify abroad."
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