China's interbank debt financing tops 10 trillion yuan in 2025

Some 10.1 trillion yuan (about 1.43 trillion U.S. dollars) was raised by over 2,300 enterprises through debt financing instruments on China's interbank market last year, data from the National Association of Financial Market Institutional Investors showed.

This marks the second consecutive year that this issuance volume exceeded the 10 trillion yuan threshold, with net financing reaching 1.7 trillion yuan, providing strong support for the real economy, according to the association.

By the end of 2025, the outstanding volume of these instruments had surpassed 18 trillion yuan, up 10 percent year on year.

Notably, financing costs dropped significantly, with the average issuance interest rate at 2.05 percent, down 38 basis points from 2024.

In the past year, the association facilitated 230 first-time issuers, totaling 123.9 billion yuan across sectors, including large-scale manufacturing, pharmaceuticals, agriculture and tourism.

Support for the private sector remained robust, with 135 private firms issuing 578.2 billion yuan of debt financing instruments, accounting for over 70 percent of the total private corporate credit bonds in 2025, according to the association.