China's total social financing fell to CNY 1.01 trillion in July 2019 from CNY 2.26 trillion in the previous month and below market expectations of CNY 1.50 trillion. Also, growth of outstanding TSF slowed to 10.7 percent at the end of July from 10.9 percent in June. 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 9746.69 CNY HML from 2002 until 2019, reaching an all time high of 46015 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 1500.00 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 1800.00 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.