Local government debt expands, direct financing accelerates! By 2025, Guangdong's social financing increment will reach 2.78 trillion yuan.

On January 23rd, it was learned from the 2025 Financial Operation Situation News Conference in Guangdong Province that in 2025, the total social financing scale in Guangdong increased by 2.78 trillion yuan compared to the previous year, supporting the real economy and greatly promoting Guangdong's high-quality development. In terms of structure, loans maintained a steady and rapid growth, with a total increase of 1.34 trillion yuan in RMB and foreign currency loans, an increase of 238.2 billion yuan compared to the previous year, accounting for 48.2% of the total social financing scale increase, an increase of 2.6 percentage points compared to the previous year. Government bond financing continued to expand, with local government bond net financing of 616.3 billion yuan, an increase of 80.7 billion yuan compared to the previous year, accounting for 22.2% of the total social financing scale increase, which remained stable compared to 2024. Direct financing for enterprises accelerated, with enterprises raising 353.9 billion yuan through issuing bonds, stocks, and other means, an increase of 105 billion yuan compared to the previous year, accounting for 12.7% of the total social financing scale increase, an increase of 2.4 percentage points compared to the previous year.