China

In a September 16 Qiushi essay, PBOC Governor Pan Gongsheng stated that slower, higher-quality loan growth may become a permanent feature of China's economy, citing data showing bonds, government securities, and equity financing exceeded bank loans for the first time in 2025, accounting for 47% of the 35.6 trillion yuan social-financing increment. The essay explicitly de-emphasizes standalone loan-growth figures as a policy benchmark and calls for greater reliance on price-based tools, particularly the seven-day reverse-repurchase rate. Analysts and policymakers should note that this represents a stated shift in communication emphasis rather than a formal retirement of any specific lending quota.

Chinese officials are considering BYD founder Wang Chuanfu for a business delegation accompanying President Xi Jinping to a reported September 24 Washington summit, even though BYD was designated a Chinese military company by the U.S. Defense Department in June 2026 and faces a 100% U.S. tariff on electric vehicles. The delegation list remains unfinished, China's Foreign Ministry has not confirmed the visit, and no BYD investment deal or tariff concession connected to the meeting has been documented. The situation illustrates the friction points that would surround any BYD presence at a bilateral summit, without resolving whether Wang will attend or what commercial outcomes, if any, are under discussion.