China’s aggregate financing including bank loans, off-the-balance loans, issuance of shares and bonds came in at 1.6 trillion yuan ($242 billion) in November from 1.04 trillion yuan in the previous month, the People’s Bank of China said.
That was shy of analysts’ expectations of growth to 1.25 trillion yuan.
New yuan loans stood at 1.12 trillion yuan ($169.27 billion), up from 663.2 billion yuan in the prior month and exceeding a projected 800 billion yuan increase.
New shadow banking credit increased to 173 billion yuan in November from 107 billion yuan in October. New household loans came in at 620.5 billion yuan, accounting for more than 50% of the new yuan lending.
The Chinese government started to take measures to reduce the debt level after President Xi Jinping said that Beijing's efforts to rein in high debt levels will continue as part of supply-side structural reforms.