Text/Xia Bin
China's financial data in the first quarter was released on the 12th.
Monetal supply, new RMB loans, and increase in social financing scale have maintained steadily growth.It is worth noting that the total amount of broad currency (M2) exceeded 3 million yuan, which means?Is the new monetary policy required by the Central Economic Work Council in 2023 Is it reached?
Realize new requirements for monetary policy
"Social financing scale, currency supply with economic growth and price level expected goals" is a new method of the central senior management of this year's monetary policy.
From the data of the first quarter, at the end of March 2024, the balance of the broad currency (M2) was 30.48 trillion yuan, an increase of 8.3%year -on -year, and the stock of social financing was 3.9032 trillion yuan, an increase of 8.7%year -on -year.About 5%of the economic growth and CPI increases set by the report are about 3%. Simple calculations can be seen that whether it is the latest social financing scale, currency supply, it does match the expected target of economic growth and price level.
In this regard, the scale of social financing has remained relatively high. Financial supports the strong intensity of the real economy and improves quality and efficiency. As the domestic economy continues to rise, the M2 has a moderate decline in the high growth state of the epidemic, which is reasonable. It is normal. It is normal.Creating currency is moving closer to a more stable, balanced, and sustainable track.
What does it affect 3 million trillion?
It is worth noting that at the end of March, China's M2 balance has risen to 30.48 trillion yuan, and some views believe that this reflects the financial support of the real economy.
Nearly people from the central bank said that this has a certain relationship with the financing structure and economic development stage of China in the past.The huge stock resources are in the hands of enterprises and residents, laying a foundation for promoting investment, consumption and the restoration of the entire macroeconomic.
"It is very good to use a 3 million -dollar stock market." The above person said that the scale of the total financial amount is really not small. As the economic recovery has accelerated, structural transformation and upgrading, and new kinetic energy can further furtherCultivation, the efficiency of the use of stock financial resources will be significantly improved, which is conducive to the balance of growth and risk prevention.
In addition, in the context of the current M2 breaking 3 million yuan, vigorously developing direct financing is more helpful to meet the financing needs of different characteristics, shorten financing chains, improve financing efficiency, and optimize the financing structure.The Bank of China has vigorously promoted the bank's development counter bond business. It is expected that as companies and residents directly buy bonds in the future, the proportion of direct financing is expected to further increase.
Lian Ping, Dean of the Chief Industry Research Institute, said that the growth rate of bond financing in the future is expected to further increase, and corporate bond issuance may continue to increase.The bank credit scale moved from Teng can be used to meet other capital needs of enterprises and residents.
Follow the direction and price of new credit
Look at credit data, at the end of March, the balance of the RMB loans was 24.705 trillion yuan, an increase of 9.6%year -on -year, which was 0.5 percentage points lower than the previous month. It was mainly affected by factors such as higher bases in the same period last year and credit balancing of financial institutions.In the first quarter, a total of 9.46 trillion yuan was added, which was at a high level of history.
Overall, the total loans have stable growth and balanced investment, and more importantly, pay attention to its investment and prices.
Looking at the price first, China News Agency learned from the central bank that the average interest rate of the newly issued enterprise loan in March was 3.75%, which was 1 basis point lower than the previous month, and 22 basis points lower than the same period last year; the new point was 22; the new one was 22; the new is new;The interest rate of personal housing loans was 3.71%, 15th basis points lower than the previous month, and 46 basis points lower than the same period last year, all at a historical low.
The relevant data from large state -owned banks show that the interest rates of some areas from tight configurations are relatively high, in fact, the loan interest rates in key areas and weak links have declined more.
Looking at the direction, Da Bank's data also revealed that the year -on -year growth rate of medium- and long -term loans, inclusive small and micro loans, and green loans of manufacturing industry remained roughly at 20%to 30%.The support for doing a good job of "five big articles" and promoting the development of new productivity is accelerating.In addition, private enterprise loans continue to be faster than the growth rate of all loans. More than 90 % of the science and technology enterprises currently received by loans are privately controlled.
Institutions generally believe that the situation where real estate and financing platform enterprises in the past have changed, and the overall improvement of the financing environment of enterprises has been significantly improved.Studies have shown that the relationship between credit and economic growth has changed. It is not that the more loans, the faster the economy will grow. The loose financing environment, the optimization of the credit structure, and the stable rhythm are more conducive to the high -quality development of the real economy.
Source: country is through traffic
