Xinhua News Agency, Beijing, March 14th Title: Reasonable growth in loan scale supports the real economy intensifies – Interpretation of February financial data
Xinhua News Agency reporters Wu Yu and Ren Jun
Data released by the People’s Bank of China on the 14th showed that in the first two months, my country’s RMB loans increased by 6.14 trillion yuan, and the increase in social financing scale was 1.32 trillion yuan more than the same period last year. Experts said that the total financial volume continues to maintain reasonable growth, reflecting a moderately loose monetary policy orientation and maintaining strong support for the real economy.
Financial statistics released by the People’s Bank of China on the same day showed that at the end of February, the balance of RMB loans in my country was 261.78 trillion yuan, a year-on-year increase of 7.3%; the stock of social financing scale in my country was 417.29 trillion yuan, a year-on-year increase of 8.2%; the balance of broad money (M2) was 320.52 trillion yuan, a year-on-year increase of 7%.
Wen Bin, chief economist of China Minsheng Bank, believes that the increase in loans reached one trillion yuan in February this year, which is still at a historical high level. From the perspective of total volume, “the small month is not small.” “The credit growth trend in the first two months is stable and balanced, which is more in line with the financing needs of the real economy.”
By department, in the first two months, household loans increased by 54.7 billion yuan, a year-on-year decrease, of which short-term loans decreased significantly. Experts said that the balance of consumer loans in my country that do not include personal housing loans has exceeded 20 trillion yuan. To boost consumption, we must give full play to the joint efforts of policies, increase residents’ income, improve social security, etc., and help residents to consume and dare to consume, so as to form effective consumer credit needs.
At the same time, in the first two months, loans to enterprises (institutional) institutions increased by 5.82 trillion yuan, of which medium- and long-term loans increased by 4 trillion yuan. It can be seen that loans invested in enterprises still account for the majority of all new loans.
Specifically, there are many highlights in the loan structure. The reporter learned from the People’s Bank of China that at the end of February, the balance of inclusive small and micro loans was 33.43 trillion yuan, an increase of 12.4% year-on-year; the balance of medium- and long-term loans in the manufacturing industry was 14.48 trillion yuan, an increase of 10.3% year-on-year, both higher than the growth rate of various loans during the same period.
On March 11, workers inspected the cylinder block of the hybrid engine at Chuzhou Yueda Industrial Co., Ltd. Photo by Xinhua News Agency reporter Du Yu
From the perspective of the structure of social financing scale, in the first two months, the net financing of government bonds was 2.39 trillion yuan, an increase of 1.49 trillion yuan year-on-year; the net financing of corporate bonds was 615.6 billion yuan, an increase of 41.4 billion yuan year-on-year.
Wang Qing, chief macro analyst of Oriental Financial, believes that as the debt removal measures continue to be implemented, government bond issuance has formed an important support for the growth of social financing scale. At the same time, lower bond financing costs encourage enterprises to raise more through the bond market, and also promote the sustained and rapid growth of social financing scale.
Since the beginning of this year, loan interest rates have remained at historical lows, helping enterprises and residents to “go lightly”.
The reporter learned from the People’s Bank of China that the weighted average interest rate of newly issued loans (domestic and foreign currencies) of enterprises in February was about 3.3%, about 40 basis points lower than the same period last year; the weighted average interest rate of newly issued loans (domestic and foreign currencies) of individual housing was about 3.1%, about 70 basis points lower than the same period last year.
Faced with the current complex economic situation, how can monetary policy further exert its efforts?
During this year’s National People’s Congress, Pan Gongsheng, Governor of the People’s Bank of China, said at the economic theme press conference of the Third Session of the 14th National People’s Congress that the People’s Bank of China will implement a moderately loose monetary policy and will reduce the reserve requirement ratio and interest rate at the right time based on the domestic and international economic and financial situation and the operation of the financial market.
He made it clear that the current average deposit reserve ratio of financial institutions is 6.6%, and there is still room for downward. In addition, the interest rate of funds provided by the central bank to commercial banks also has room for downward trend.
“Structural interest rate cuts will also help further reduce the capital costs of commercial banks and promote the guidance of more funds to key areas.” Wen Bin said that last year, the re-lending rate for supporting agriculture and primary schools reduced from 2% to 1.75%, providing low-cost funds to financial institutions and playing a good role in incentives. Adjusting the interest rate of funding for structural monetary policy tools provided by the central bank to commercial banks and strengthening coordination and cooperation with industrial policies, credit policies, and internal supporting systems of banks can form a policy synergy and promote the optimization of credit structure and the improvement of economic quality and efficiency.
On March 13, the drone was performing plant protection operations at the high-quality wheat planting base in Yanglumiao Village, Guodian Town, Shengyuan Fruit and Vegetable Planting Professional Cooperative in Xiayi County, Henan Province. Xinhua News Agency (photo taken by Miao Yucai)
The meeting held by the People’s Bank of China on the 13th proposed that it will further clear the channels for monetary policy transmission, improve the interest rate formation and transmission mechanism, and promote the decline of social comprehensive financing costs. Research and create new structural monetary policy tools, focusing on supporting investment and financing in the field of scientific and technological innovation, promoting consumption and stabilizing foreign trade.
Experts said that as more active and proactive macroeconomic policies continue to be implemented and effective, new industries and new momentum are accelerated, domestic demand and confidence continue to be boosted, and the demand for effective social financing is expected to further grow. The financial system will provide more powerful and effective support for the recovery and improvement of the real economy and high-quality development.
[Editor in charge: Zhang Yanxuan]
