Over a dozen Chinese banks roll out Token loans, but disbursements stay cautious
Since 2026, more than a dozen Chinese banks have launched “Token loan” products that use token consumption as a credit reference, with Agricultural Bank of China, Bank of China, CITIC Bank, Minsheng Bank, Hua Xia Bank, Industrial Bank and Bank of Beijing among those rolling out programs, plus a cross-border “token export loan” in Shantou. Banks still focus on repayment capacity, cross-checking orders, cash flow, receivables and tax data, and actual disbursements lag credit lines — Bank of China’s Guangzhou branch had granted 28 million yuan across five borrowers by mid-September 2026 but disbursed only 8 million yuan. Academician Wu Hequan said China’s daily token calls exceeded 500 trillion as of August 2026, and the National Data Administration designated “词元” as the official Chinese term for Token in March.
It shows token usage becoming a supplementary financing metric for AI firms in China, a sign of early integration between the AI industry and credit markets.
（本文作者为 拾盐士，钛媒体经授权发布）
文 | 拾盐士
大模型调用量两年增长超千倍之后，银行开始把“词元（Token）消耗”当成新的流水看。
2026年，国内词元经济步入高速落地期，依托词元数据价值的金融创新持续迭代，十余家银行顺势推出“Token贷”特色信贷产品，打破传统信贷授信模式，尝试以词元量化数据作为授信参考依据，一度形成“Token数据体量对应贷款额度”的市场新玩法。
然而，这一创新模式在快速落地的同时，也因数据可信度、量化标准和风控体系等问题面临争议。事实上，并非用了多少Token就能贷多少，目前银行“Token贷”关注的核心仍是还款能力。
招联首席经济学家董希淼认为，Token消耗反映模型调用频次与强度，可作为轻资产AI企业活跃度、市场接受度的参考，但不能单独替代现金流与盈利审核。
#Agricultural Bank of China#Bank of China#CITIC Bank#China Minsheng Bank#Hua Xia Bank#Industrial Bank#Bank of Beijing#National Data Administration (China)#CAICT#Jiangsu Bank#Wu Hequan#Hainan Financial Administration