Chinese banks extended 1.4 trillion yuan ($206.7 billion) in new yuan loans in December, up from November and beating analysts' expectations, the central bank said.
Analysts polled by Reuters had predicted new yuan loans would drop to 1.1 trillion yuan in December from 1.21 trillion yuan the previous month. The new loans were also higher than 1.13 trillion yuan a year earlier.
But new bank lending hit a record 21.31 trillion yuan in 2022, up from 19.95 trillion yuan in 2021 - the previous record.
Chinese leaders have pledged to increase support for the world's second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. After tough virus curbs were abruptly lifted in December, the country is now battling a surge of infections.
The central bank has promised to make its policy "precise and forceful" this year to support the economy, keeping liquidity reasonably ample and lowering funding costs for businesses.
Broad M2 money supply grew by 11.8% in December from a year earlier, central bank data showed, below estimates of 12.2% forecast in the Reuters poll. M2 grew 12.4% in November from a year earlier.
Outstanding yuan loans grew by 11.1% in December from a year earlier compared with 11.0% growth in November. Analysts had expected 11.0% growth.
Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 9.6% in December from a year earlier and from 10.0% in November.
TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.
In December, TSF fell to 1.31 trillion yuan from 1.99 trillion yuan in November. Analysts polled by Reuters had expected December TSF of 1.60 trillion yuan.
(Reporting by Judy Hua and Kevin Yao; Editing by Raissa Kasolowsky)
