The Poster News APP:

The market is paying close attention to changes in financing costs. What are the structural characteristics of the interest rates on new loans issued to enterprises and households in the first half of 2026? Thank you.

Zou Lan:

Thank you for your questions. I would like to invite Mr. Yan to answer these questions.

Yan Xiandong:

In recent years, the People's Bank of China has continued to regulate market conduct, reduce intermediary financing costs, and help keep the overall cost of financing in society at a historically low level. Since 2026, the interest rate on newly issued loans has continued its downward trend:

Firstly, corporate loan interest rates are declining. In June, the weighted average interest rate for newly issued corporate loans was approximately 3%, a decrease of about 0.2 percentage point compared to the same period last year; the interest rate for newly issued inclusive micro- and small-sized enterprise loans was 3.57%, a decrease of 0.16 percentage point compared to the same period last year. In terms of sectors, the interest rates on newly issued loans in major sectors are all declining. Specifically, the interest rates on newly issued loans to manufacturing enterprises, infrastructure enterprises, and wholesale and retail enterprises are 2.74%, 2.95%, and 3.24%, down 0.22, 0.18, and 0.14 percentage points from the same period last year respectively.

Second, household loan interest rates have remained low and stable. Currently, the interest rate for newly issued personal housing loans remains at a low level, which is driving down the interest rate for existing personal housing loans. In June, the interest rate for newly issued personal housing loans was approximately 3.1%, remaining essentially unchanged from the same period last year. At the end of June, the interest rate on existing personal housing loans decreased by 0.13 percentage point compared with the same period last year. Thank you.