This helped push new lending for the whole of 2025 down to 16.27 trillion yuan, the lowest level since 2018.
But both the full-year and December figures were slightly higher than expected, according to Bloomberg.
The slowdown in new lending in China began in 2023 and shows no sign of abating. It is linked to reduced consumption and reduced business investment in the country, whose economy is characterized by a protracted real estate crisis and deflation.
Economists expect some stimulus in 2026 from the central bank, including interest-rate cuts, according to a Bloomberg survey.
