(Yicai) Jan. 20 -- China’s household deposits continued to expand at a rapid pace in 2025, growing nearly 10 percent year on year to lift per capita savings close to CNY118,900 (USD17,060), even as household borrowing, particularly short-term loans, showed signs of contraction.

Financial data released by the People’s Bank of China and provincial authorities show that as of the end of December 2025, the balance of household deposits in local and foreign currencies nationwide reached CNY167 trillion (USD23.96 trillion), up 9.7 percent from a year earlier. Based on an estimated population of 1.4 billion, this translates into per capita deposits of CNY118,900, underscoring residents’ continued preference for saving amid economic uncertainty.

Provincial data point to similar trends. In Guangdong, China’s largest provincial economy, total local- and foreign-currency deposits stood at CNY38.7 trillion (USD5.55 trillion) at the end of last year, a year-on-year increase of 5.7 percent. Household deposits accounted for CNY15.12 trillion of that total, rising 9.3 percent, with per capita savings at CNY118,300.

In Zhejiang, another major economic province, total deposits reached CNY24.63 trillion, up 7.3 percent, while household deposits rose nearly 10 percent to CNY11.85 trillion, pushing per capita savings to CNY177,700.

On the lending side, Guangdong and Zhejiang both saw a divergence between household and corporate credit. While overall loan balances increased by the end of 2025, household loans edged down year on year, with short-term borrowing such as consumer loans and operating loans contracting more noticeably. In contrast, corporate loan balances posted relatively strong growth.

A research note from Orient Securities said the household sector’s willingness to increase leverage remains low, indicating that residents are still actively deleveraging and that confidence in consumption and home buying has yet to show a clear recovery.

Zhang Jingjing, an analyst at China Merchants Securities, said corporate lending gained momentum toward the end of 2025 as China-US trade relations eased and policy-backed financial tools provided support. Rising demand for restocking and capacity expansion, combined with increased bank lending to businesses, drove robust growth in both short-term and medium- to long-term corporate credit, Zhang added.

Editor: Emmi Laine