China's total social financing rose to a record CNY 4.64 trillion in January 2019 from CNY 1.59 trillion in the previous month and above market consensus of CNY 3.25 trillion. In addition, growth of outstanding TSF accelerated to 10.4 percent from an all-time low of 9.8 percent in December. Total social financing is a broad measure of credit and liquidity in the economy as it includes off-balance sheet forms of financing such as initial public offerings, loans from trust companies and bond sales. Loans to Private Sector in China averaged 9525.82 CNY HML from 2002 until 2019, reaching an all time high of 46400 CNY HML in January of 2019 and a record low of -974 CNY HML in October of 2005.
Loans to Private Sector in China is expected to be 18000.00 CNY HML by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Loans to Private Sector in China to stand at 1200.00 in 12 months time. In the long-term, the China Total Social Financing is projected to trend around 1800.00 CNY HML in 2020, according to our econometric models.