China will roll out a fresh round of capital injections into its largest State-owned commercial banks through the issuance of special treasury bonds, a move set to significantly boost their lending capacity and strengthen support for the real economy.

中国将通过发行特别国债，对其最大的国有商业银行实施新一轮注资。此举将显著提升银行的放贷能力，增强对实体经济的支持力度。

According to the Ministry of Finance, auctions for five-year and seven-year special treasury bonds — used to inject capital into central financial institutions — are scheduled for May 22 and June 12, marking the launch of a second round of targeted capital replenishment for major State lenders.

据财政部消息，用于向中央金融机构注资的五年期和七年期特别国债将于5月22日和6月12日发行。这标志着针对大型国有银行的第二轮定向资本补充正式启动。

In this round, the ministry plans to issue 300 billion yuan ($43.92 billion) in special treasury bonds to bolster the banks' core tier 1 capital. The injection is expected to enhance credit expansion and underscores a more proactive fiscal policy stance.

在本轮注资中，财政部计划发行3000亿元人民币（约合439.2亿美元）的特别国债，以充实银行的核心一级资本。此次注资有望促进信贷扩张，并体现出更加积极的财政政策立场。

Last year, the ministry issued the first batch of special treasury bonds totaling 500 billion yuan to support the recapitalization of Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China. These four banks raised a combined total of 520 billion yuan, with their core tier 1 capital adequacy ratios increasing by 0.86,0.48, 1.28 and 1.51 percentage points, respectively.

去年，财政部发行了首批5000亿元特别国债，用于支持中国银行、中国建设银行、交通银行和中国邮政储蓄银行的资本补充。这四家银行合计募集资金5200亿元，核心一级资本充足率分别提升了0.86、0.48、1.28和1.51个百分点。

The market generally expects Industrial and Commercial Bank of China and Agricultural Bank of China to be the main recipients of the second round of capital injections.

市场普遍预期，中国工商银行和中国农业银行将成为第二轮注资的主要对象。

China International Capital Corp estimates that the 300 billion yuan injection could leverage roughly 4 trillion yuan in asset expansion, boosting the banks' direct lending and capacity for acquisitions, while strongly supporting the real economy and helping prevent financial risks. The move is expected to raise the two banks' core tier 1 capital adequacy ratios by about 0.6 percentage points on average, CICC said.

中金公司预计，3000亿元注资有望撬动约4万亿元的资产扩张，增强银行的直接放贷能力和并购能力，同时有力支持实体经济并助力防范金融风险。中金公司表示，此举预计将使两家银行的核心一级资本充足率平均提升约0.6个百分点。

According to the large State-owned commercial banks' first quarter reports of 2026, as of March 31, the core tier 1 capital adequacy ratios of ICBC, CCB, ABC, BOC, BOCOM and PSBC stood at 13.26 percent, 14.26 percent, 10.8 percent, 12.18 percent, 11.25 percent and 10.18 percent, respectively, all of which met regulatory requirements. Among them, ICBC and ABC saw declines of 0.63 and 0.43 percentage points from the end of the first quarter of 2025, while the other four banks recorded increases.

六大国有银行2026年一季报显示，截至3月31日，工商银行、建设银行、农业银行、中国银行、交通银行、邮储银行的核心一级资本充足率分别为13.26%、14.26%、10.8%、12.18%、11.25%和10.18%，均满足监管要求。其中，工商银行和农业银行较2025年一季度末分别下降0.63和0.43个百分点，其余四家银行则有所上升。

Zeng Gang, chief expert and director of the Shanghai Institution for Finance and Development, said the core objective of this round of capital injection is to enhance the long-term sustainable development capacity of large State-owned commercial banks. The move will significantly expand their lending capacity through leverage effects and provide ample support for pro-growth policies.

上海金融与发展实验室主任、首席专家曾刚表示，本轮注资的核心目标是增强大型国有商业银行的长期可持续发展能力。此举将通过杠杆效应显著扩大银行的放贷能力，为稳增长政策提供有力支持。

Wang Qing, chief macroeconomic analyst at Orient Golden Credit Rating International, said that amid adjustments in the real estate market and continued interest rate cuts by China's central bank, net interest margins of commercial banks, especially large State-owned lenders, have narrowed rapidly since 2023. This has weakened their ability to replenish capital through retained earnings, making external capital injections necessary to underpin stable operations.

东方金诚国际信用评估有限公司首席宏观分析师王青表示，在房地产市场调整和央行持续降息的背景下，商业银行尤其是大型国有银行的净息差自2023年以来迅速收窄。这削弱了银行通过留存收益补充资本的能力，需要通过外部注资来支撑其稳健经营。

Wang estimates that a combined capital injection of 800 billion yuan could underpin 6 trillion to 7 trillion yuan in new lending — equivalent to about 37 to 43 percent of China's new yuan loans in 2025.

王青预计，合计8000亿元的资本注入可撬动6万亿至7万亿元的新增贷款，相当于中国2025年新增人民币贷款的约37%至43%。

He said the move would bolster the banks' capacity to absorb risks and strengthen the long-term resilience of the financial system. The resulting increase in lending capacity would also reinforce the role of large banks as the mainstay of financing for the real economy, particularly by channeling more funds into key national strategies, technological innovation, small and micro enterprises, and other priority or weak sectors of the economy.

他表示，此举将增强银行的风险吸收能力，强化金融体系的长期韧性。随之而来的放贷能力提升，将进一步巩固大型银行作为实体经济融资主渠道的作用，特别是引导更多资金流向国家重大战略、科技创新、小微企业以及其他重点领域和薄弱环节。

The measure also highlights stronger coordination between fiscal and monetary policies, signaling a more proactive fiscal stance while laying the groundwork for further monetary easing, Wang added.

王青还表示，此次注资还凸显了财政政策与货币政策之间更强的协调性，在为进一步货币宽松奠定基础的同时，释放出更加积极的财政政策信号。

roll out /rəʊl aʊt/推出，实施
capital injection /ˈkæpɪtəl ɪnˈdʒekʃən/注资

net interest margins /net ˈɪntrəst ˈmɑːdʒɪnz/净息差

underpin /ˌʌndəˈpɪn/支撑，撬动
equivalent to /ɪˈkwɪvələnt tuː/相当于