In the first two month of 2026, China households increased mid-to-long-term borrowing by 165.4 bn rmb, vs 1356.1 bn rmb in the first two month of 2021.
That is a decrease of 88%.
Households’ new mid-to-long-term borrowing is mostly associated with mortgages / housing purchases.
Details below.
Feb 2026 – PBOC
前两个月人民币贷款增加5.61万亿元。分部门看，住户贷款减少1942亿元，其中，短期贷款减少3596亿元，中长期贷款增加1654亿元；
Feb 2021 – PBOC
2月份人民币贷款增加1.36万亿元，同比多增4529亿元。分部门看，住户贷款增加1421亿元，其中，短期贷款减少2691亿元，中长期贷款增加4113亿元
Jan 2021 – PBOC
1月份人民币贷款增加3.58万亿元，同比多增2252亿元。分部门看，住户贷款增加1.27万亿元，其中，短期贷款增加3278亿元，中长期贷款增加9448亿元