In August, new loans increased significantly month on month, and financial support for the real economy continued to increase

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Beijing, September 11 (Reporter Wu Qiuyu) The latest data released by the People's Bank of China shows that in the first eight months of this year, China's RMB loans increased by 17.44 trillion yuan, an increase of 1.76 trillion yuan year-on-year. In August, RMB loans increased by 1.36 trillion yuan, an increase of 86.8 billion yuan year-on-year. By the end of August, the balance of domestic and foreign currency loans in China was 237.23 trillion yuan, up 10.5% year on year, and the balance of RMB loans was 232.28 trillion yuan, up 11.1% year on year. The growth rate was the same as that at the end of last month, 0.1 percentage point higher than the same period last year.

"In August, new loans increased significantly month on month, releasing a signal of economic recovery, which also shows that the market is expected to improve." Wen Bin, chief economist of China Minsheng Bank, said that the intensive introduction of relevant policies in August has boosted market confidence, loan growth is generally stable, marginal recovery, and financial support for the real economy continues to increase.

By sector, household loans increased by 392.2 billion yuan in August, of which short-term loans increased by 232 billion yuan, and medium and long-term loans increased by 160.2 billion yuan; Loans to enterprises (institutions) increased by 948.8 billion yuan, of which short-term loans decreased by 40.1 billion yuan, medium and long-term loans increased by 644.4 billion yuan, and bill financing increased by 347.2 billion yuan; Loans from non banking financial institutions decreased by 35.8 billion yuan.

At the same time, the proportion of credit invested in key areas and weak links is increasing. The reporter learned from a number of large banks that the year-on-year growth rate of inclusive small and micro loans, green loans, manufacturing medium and long-term loans, and private enterprise loans was higher than that of general loans in July and August, and the bank credit structure continued to optimize. It is estimated that the weighted average interest rate of corporate loans in the first eight months was 3.93%, down 0.33 percentage points year on year, continuing to be at a historical low.

According to preliminary statistics, in the first eight months of this year, China's social financing scale increased by 25.21 trillion yuan, 842 billion yuan more than the same period last year. The increase in social financing scale in August was 3.12 trillion yuan, 631.6 billion yuan more than the same period last year. By the end of August, China's social financing scale stock was 368.61 trillion yuan, up 9% year on year. Among them, the balance of RMB loans granted to the real economy was 230.24 trillion yuan, up 10.9% year on year.

"The stabilization and recovery of financial data in August is inseparable from the acceleration of adjustment and strong support at the policy level." Dong Ximiao, the chief researcher of China Merchants Association, believes that since August, multi sectors have made concerted efforts and played a good combination of macro policies, which has significantly increased support for the real economy. Policies are issued quickly, directly and accurately, and have worked together, effectively reducing the burden on enterprises and residents, It has improved the willingness and ability of business entities to expand consumption and investment.

In terms of money supply, at the end of August, China's broad money (M2) balance was 286.93 trillion yuan, up 10.6% year on year, 0.1 percentage points lower than that at the end of last month and 1.6 percentage points lower than that at the same period last year. The balance of narrow money (M1) was 67.96 trillion yuan, up 2.2% year on year, 0.1 percentage points lower than the end of last month and 3.9 percentage points lower than the same period last year. The balance of currency in circulation (M0) was 10.65 trillion yuan, up 9.5% year on year. The net cash released in the month was 38.6 billion yuan.

"The growth rate of M2 balance remains at a high level." Dong Ximiao said that the current macroeconomic operation remains within a reasonable range, continuing the overall steady and progressive development trend. As the "combination boxing" of financial policies continues to develop in the fields of changing the mode, adjusting the structure and increasing the momentum, the future positive effects will be further reflected.

People's Daily (September 12, 2023, edition 10)

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