China's aggregate financing to the real economy (AFRE) rose to 3.55 trillion yuan in September, a significant increase from 1.66 trillion yuan in August, data released by the People's Bank of China (PBOC) on Wednesday showed. New yuan loans also surged to 1.08 trillion yuan, far exceeding August's 60 billion yuan. As of the end of September, the outstanding AFRE grew by 7.1% year-on-year, slightly lower than the 7.2% recorded at the end of August.

Notably, in the first nine months of this year, bond and equity financing accounted for approximately 49.48% of the incremental AFRE, surpassing the share of loans by about 7 percentage points. This marks the second consecutive month that the proportion of stock and bond financing has exceeded that of loans, following August's historic first. Additionally, M2 money supply increased by 7.2% year-on-year in September, while M1 grew by 3.2%, further widening the M2-M1 "scissors gap" to 4 percentage points.