Published by ChinaMNC · Shunyi

Beijing Financing Snapshot for Foreign Founders: Direct Financing Surges, Tech Loans Lead Growth

A practical briefing for foreign founders on Beijing's first-three-quarter 2026 financial data: social financing topped RMB 1.1 trillion, direct financing dominated, tech and green lending grew fast, and borrowing costs stayed low.

Why This Data Matters to Foreign Founders

If you are registering or running a company in Beijing, the financing environment shapes how you fund operations, expand R&D, and structure capital. The Beijing branch of the People's Bank of China released first-three-quarter 2026 figures at its fourth-quarter press conference on October 28. The headline: Beijing's financial system ran steadily, support for the real economy continued to grow, and incremental social financing exceeded RMB 1.1 trillion.

Below is a practical walkthrough of what the numbers show and where the money is flowing.

Overall Financing: A Larger Pie, More Channels

Incremental social financing for the first three quarters reached RMB 1,106.25 billion. According to Liu Qianjin, deputy director of the PBOC Beijing branch's survey and statistics division, direct financing is gradually becoming an important channel for enterprises.

• Corporate bond net financing: RMB 857.40 billion
• Corporate equity financing: RMB 71.69 billion
• Together, these two accounted for 84.0% of the social financing increment
• RMB loans to the real economy: net increase of RMB 170.05 billion
• Local government bond net financing: RMB 78.72 billion
• Trust loans, entrusted loans and undiscounted bankers' acceptances: combined net decrease of RMB 158.63 billion

Liu said enterprises are broadening their financing routes, with direct financing supplementing and substituting for bank loans. For foreign founders, this suggests that bond and equity channels deserve consideration alongside bank credit, subject to eligibility and regulatory requirements.

Credit and Deposits: Both Sides Growing

At the end of September, Beijing's outstanding RMB loans totaled RMB 14.1 trillion, up RMB 83.40 billion from the start of the year. Corporate and institutional loans stood at RMB 11.3 trillion, up 4.9% year on year.

On the deposit side, outstanding RMB deposits reached RMB 32.5 trillion, up 8.9% year on year, 6 percentage points higher than the same period last year. Household deposits totaled RMB 7.9 trillion, up 5.9% year on year.

For a newly registered foreign-invested company, a deep deposit base and steady credit growth indicate a liquid banking market, though account opening and capital requirements still follow standard procedures.

Borrowing Costs Stay Low

In September, the weighted average interest rate on general loans issued by Beijing financial institutions was 3.43%. The weighted average rate on corporate loans was 2.31%, down 21 basis points year on year. Liu said the Beijing branch strengthened implementation and supervision of interest rate policy and gave better play to the market interest rate pricing self-discipline mechanism.

Lower corporate borrowing costs can improve cash-flow planning for foreign-invested firms, but actual rates depend on the lender, the borrower's profile, and the loan type.

Where the Money Flows: Tech, Green, Small Business

At the end of September, loans under the "five major articles" — technology finance, green finance, inclusive finance, pension finance and digital finance — accounted for nearly 50% of all loans in Beijing, among the highest shares nationwide.

Liu said the branch used structural monetary policy tools to guide financial institutions toward technology innovation, modern services and manufacturing.

• Information transmission, software and IT services: RMB 426.95 billion in loans, up 28.8% year on year
• Scientific research and technical services: RMB 296.49 billion, up 23.7%
• Leasing and business services: RMB 1.9 trillion, up 9.6%
• Medium- and long-term manufacturing loans: up 6.5% year on year

Technology Finance

The branch pushed implementation of relending for technology innovation and technical upgrading. By the end of September, banks had been incentivized to issue first-time loans to more than 2,000 early-stage tech companies, with over RMB 100 billion deployed. This helped lift loans to small and medium-sized tech enterprises by 19.9% year on year. In the first three quarters, Beijing companies and institutions issued nearly RMB 150 billion in technology innovation bonds on the interbank market, the largest volume nationwide.

Inclusive Finance

Relending tools for agriculture and small businesses, and for private enterprises, were used continuously, with nearly RMB 200 billion deployed in the first three quarters. Start-up guarantee loans exceeded RMB 5 billion.

Green Finance

Carbon emission reduction support tools and the "Jinglü Rong" and "Jinglü Tong" programs provided more than RMB 95 billion in incentive funds to financial institutions in the jurisdiction, keeping green financing among the highest nationwide. Non-financial enterprises in Beijing raised over RMB 1 trillion cumulatively through green bonds.

Pension and Digital Finance

Financial institutions issued over RMB 100 billion in loans to pension, consumption and health sectors by the end of September, serving more than 18,000 market entities. Beijing's digital economy loan balance exceeded RMB 870 billion, up 7.7% year on year.

Li Yuan, deputy director of the credit policy management division, said the branch will work to better match financial products and services with supply and demand, and guide more financial resources to expanding domestic demand, technology innovation, and private small and medium-sized enterprises.

Green Transition: A New Catalog for Projects

Identifying green projects is a key hurdle for transition finance. The PBOC Beijing branch, together with eight departments, issued a notice on the 2026 catalog of financial support for key green and low-carbon transition fields in Beijing. It covers six fields — buildings, industrial parks, data centers, transport, logistics and modern urban agriculture — and 41 sub-fields.

The notice sets out 142 transition path guidelines and technical standards covering energy efficiency, energy substitution, technical upgrading and management optimization. Wu Yufeng, deputy director of the financial research division, said loans issued under the notice that meet structural monetary policy tool requirements will receive priority support from the branch.

Zhang Yong, a vice president of Bank of Communications' Beijing branch, said the bank will prioritize credit resources in the catalog's key fields and explore incorporating carbon emission intensity and volume into differentiated approval processes.

The branch previously issued China's first transition finance implementation guide for highway construction and promoted biodiversity finance pilot experience from Beijing nationwide.

Practical Takeaways for Foreign Founders

• Direct financing channels — bonds and equity — are growing in importance; assess eligibility early.
• Technology, green, inclusive, pension and digital finance account for nearly half of all lending, suggesting targeted support programs.
• Corporate loan rates are low, but pricing remains lender- and borrower-specific.
• Green project definitions are now more detailed; check whether your project fits the six fields and 41 sub-fields.

This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.