7月31日召开的国务院常务会议，部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政 策，并提出要求，推动政策尽快落地。 两项贷款贴息政策的落地落实在8月12日迎来重要进展。当天下午，《服务业经营主体贷款贴息政 策实施方案》（以下简称《实施方案一》）和《个人消费贷款财政贴息政策实施方案》（以下简称《实 施方案二》）先后发布。 随后，作为主要贷款经办机构的银行业金融机构迅速作出反应，多家银行发布公告，对两项贷款贴 息政策进行响应。 政策落实能够带来多方共赢局面 在业内专家看来，国务院常务会议部署的个人消费贷款贴息政策和服务业经营主体贷款贴息政策， 核心是通过财政金融联动来提振消费、激活市场。 "此次出台的两项贴息政策，从居民消费需求和企业服务供给两端发力，加大融资支持力度，进一 步体现了财政与金融政策的协同配合。"8月13日，在国新办举行的新闻发布会上，中国人民银行信贷市 场司负责人车士义表示，在需求端增强居民消费意愿，在供给端提高企业优质服务供给能力，与中国人 民银行前期出台的消费领域金融支持政策着力点一致，有利于产生"1+1>2"的政策效应。 银行业金融机构迅速响应 在两项贴息政策的实施方案公布后，农业银 ...

季节因素影响导致信贷数据波动 对于如何看待近期的信贷数据，业内人士分析称，贷款增量存在季节特征，对月度贷款数据要综合 分析。 如年初"开门红"的时候贷款就会增长较旺，而7月份则是明显的信贷"小月"。同时，部分银行工作 人员在业绩考核压力下，倾向于将半年末前后的信贷投放前置到6月份完成，这也对7月份贷款数据带来 一定扰动。 "实际上，我国6、7月份信贷数据波动，与金融机构上半年报表披露和实体企业结算窗口期有很大 关系。"一位业内人士解释，一方面，6月份恰逢金融机构半年报披露，部分机构会出现短期调整信贷投 放节奏、拉高6月份数据的情况，这种"冲时点"的做法在以往年份也常常出现，从经营的角度看有一定 的内在逻辑。另一方面，6月份也是企业半年期经营结算的重要时间窗口，大量企业面临货款回收、债 务偿还、资金清算等刚性需求，这种阶段性的资金流动高峰也会反映在信贷数据上。对此，业内人士认 为，观察6、7月份金融数据时，可考虑将两个月的数据合并起来综合分析，剔除季节性和外部冲击因素 的扰动。 8月13日，中国人民银行发布7月份金融统计数据。总体来看，主要金融指标继续高于经济增速，金 融对实体经济支持力度比较大。7月末，社会融 ...

8月13日，中国人民银行发布2025年7月份社会融资规模增量统计数据报告。初步统计，2025年前7个 月，社会融资规模增量累计为23.99万亿元，比上年同期多5.12万亿元。其中，对实体经济发放的人民币 贷款增加12.31万亿元，同比少增694亿元；对实体经济发放的外币贷款折合人民币减少725亿元，同比 少减245亿元；委托贷款减少689亿元，同比多减116亿元；信托贷款增加1592亿元，同比少增1480亿 元；未贴现的银行承兑汇票减少2196亿元，同比少减1243亿元；企业债券净融资1.43万亿元，同比少 1849亿元；政府债券净融资8.9万亿元，同比多4.88万亿元；非金融企业境内股票融资2212亿元，同比多 767亿元。 ...

Monetary Statistics - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [1] Loan and Deposit Data - By the end of July, the total loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year growth of 6.7% [1] - The total deposits in both domestic and foreign currencies were 327.83 trillion yuan, showing a year-on-year increase of 9% [2] - In the first seven months, the increase in RMB loans was 12.87 trillion yuan, while RMB deposits rose by 18.44 trillion yuan [1][2] Sector-Specific Loan Breakdown - Household loans increased by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans rose by 11.63 trillion yuan, with short-term loans increasing by 3.75 trillion yuan and medium to long-term loans increasing by 6.91 trillion yuan [1] - Foreign currency loans decreased by 8.1% year-on-year, with a total balance of 555.8 billion USD [1] Cross-Border Transactions - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement reached 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

责任编辑：杨喜亭 8月13日，中国人民银行发布2025年7月份社会融资规模存量统计数据报告。初步统计，2025年7月 末，社会融资规模存量为431.26万亿元，同比增长9%。其中，对实体经济发放的人民币贷款余额为 264.79万亿元，同比增长6.8%；对实体经济发放的外币贷款折合人民币余额为1.21万亿元，同比下降 23.2%；委托贷款余额为11.16万亿元，同比下降0.4%；信托贷款余额为4.46万亿元，同比增长5.9%；未 贴现的银行承兑汇票余额为1.92万亿元，同比下降10.4%；企业债券余额为33.39万亿元，同比增长 3.8%；政府债券余额为89.99万亿元，同比增长21.9%；非金融企业境内股票余额为11.94万亿元，同比 增长3.2%。 从结构看，7月末，对实体经济发放的人民币贷款余额占同期社会融资规模存量的61.4%， 同比低1.2个百分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比低0.1个百分点；委托 贷款余额占比2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承 兑汇票余额占比0.4%，同比低0.1个百分点；企业债券余额占比7.7%， ...

Monetary Statistics - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting a year-on-year increase of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Loan Statistics - By the end of July, the total outstanding loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The outstanding RMB loans were 268.51 trillion yuan, growing by 6.9% year-on-year [1] - In the first seven months, RMB loans increased by 1.287 trillion yuan, with household loans rising by 680.7 billion yuan [1] - Corporate loans increased by 1.163 trillion yuan, with short-term loans up by 375. billion yuan and medium to long-term loans up by 691 billion yuan [1] - Foreign currency loans totaled 55.58 billion USD, showing a year-on-year decline of 8.1% [1] Deposit Statistics - As of the end of July, the total deposits in both domestic and foreign currencies reached 327.83 trillion yuan, with a year-on-year growth of 9% [2] - The RMB deposits were 320.67 trillion yuan, reflecting an 8.7% year-on-year increase [2] - In the first seven months, RMB deposits increased by 1.844 trillion yuan, with household deposits rising by 966 billion yuan [2] - Foreign currency deposits reached 1 trillion USD, growing by 20% year-on-year [2] Interbank Market Activity - In July, the total transaction volume in the interbank RMB market was 222.44 trillion yuan, with an average daily transaction of 9.67 trillion yuan, marking a year-on-year increase of 14.8% [2] - The weighted average interest rate for interbank borrowing was 1.45%, lower than both the previous month and the same period last year [2] - The weighted average interest rate for pledged repos was 1.46%, also lower than the previous month and the same period last year [2] Cross-Border RMB Settlement - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement amounted to 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

Core Viewpoint - The introduction of personal consumption loan interest subsidy policies aims to enhance financial collaboration, reduce credit costs for consumers and businesses, and stimulate consumption to support economic circulation [1][2]. Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan subsidy policy is the first of its kind from the central government, directly benefiting the public [2]. - The subsidy period is from September 1, 2025, to August 31, 2026, covering various consumption types, including daily small purchases and larger items like cars and home renovations [2]. - Individuals can receive a maximum subsidy of 500 yuan per single loan, with cumulative subsidies possible for multiple loans, up to 1,000 yuan for loans under 50,000 yuan and 3,000 yuan for loans above that amount [2]. Group 2: Service Consumption Growth Potential - The central government emphasizes the development of service consumption to drive economic growth, with service consumption per capita growing at an annual rate of 9.6% from 2020 to 2024 [4]. - By 2024, service consumption is expected to account for 46.1% of total per capita consumption, contributing 63% to the growth of consumer spending [4]. - The subsidy policy for service industry loans targets key sectors such as dining, health, and tourism, with a subsidy rate of 1% for up to 1 million yuan in loans per entity [4]. Group 3: Consumer Demand and Service Quality - There is a growing demand for high-quality, personalized services in areas like health and entertainment, which are becoming essential for many households [5]. - The subsidy policy aims to support service providers in innovating their service offerings to meet diverse consumer needs [5]. - The financial regulatory authority will ensure that lending institutions adhere to responsible lending practices while optimizing financial services for consumers [7]. Group 4: Financial Product Optimization - Financial institutions are encouraged to enhance their consumer finance products and services, focusing on personalized offerings and streamlined approval processes [8]. - There is an emphasis on integrating financial services with various consumption scenarios to improve consumer experience [8]. - The central bank will guide financial institutions to increase credit availability in service sectors, promoting the growth of high-quality consumption [7][8].

作为市场情绪和杠杆水平的重要指标，两融余额重返高位表明投资者不断加大A股权益配置，市场活跃 度持续提升。"不过，目前两融余额占A股流通市值、两融交易额占A股成交额指标均处于历史中枢水 平，远低于2015年峰值。"中国银行证券首席策略分析师杨超表示。 华西证券（002926）策略分析师李立峰表示，本轮行情增量资金来源众多，有保险、养老金、公募基 金、私募基金等机构资金，也有居民配置资金的入市。自去年"924"行情启动以来，我国M1-M2同比增 速负剪刀差持续收窄，反映资金活化程度增强，居民的消费和投资意愿出现边际回暖迹象。 此外，两融余额时隔十年再度突破2万亿元大关，反映个人投资者风险偏好正在持续回升。当前，居民 增量配置资金入市动能犹在，后市股市微观流动性环境仍偏宽松，居民增量资金入市将成为本轮行情的 重要驱动。风格上，"十五五"规划将成为聚焦点，科技成长仍将是未来较长一段时间的政策主线。 数据显示，截至当日收盘，上证指数涨0.48%，收报3683.46点，为2021年12月13日以来新高；深证成指 涨1.76%，收报11551.36点；创业板指涨3.62%，收报2496.50点。 成交量方面，全市场今日成交 ...

近日，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》。什么时间 能享受到这项政策？需要符合哪些条件才能申请？申请个人消费贷款财政贴息需要哪些操作？究竟能享 受多少补贴？有哪些贷款经办机构？个人消费贷款资金用途有何要求？ 针对这些大家关心的热点问题，《金融时报》记者进行了梳理： Q：什么时间能享受到这项政策？ A：2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人消费贷款（不含信用 卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消费交易信息的部 分，可按规定享受贴息政策。 Q：需要符合什么条件才能申请？ A：2025年9月1日至2026年8月31日期间，无论是日常生活性的小额消费，还是买车、装修、购置家具 家电或手机电脑等较大额度的商品消费，或者是旅游、养老、生育、教 培 、医疗等服务消费，只要是 在相关机构获得了消费贷款，其中实实在在花出去用于消费的部分，都可以享受贴息支持，每人单笔消 费最高享受的贷款贴息是500元，多笔消费可以叠加享受。 具体规则：对于单笔5万元以下的消费，按照实际金额计算贴息，多笔叠加以后，在同一家贷款机 ...

Group 1 - The new corporate loan interest rate in July is approximately 3.2%, and the new personal housing loan interest rate is about 3.1%, reflecting a decrease of around 45 basis points and 30 basis points compared to the same period last year, indicating a low interest rate environment [1] - The current low interest rates signal a relatively abundant credit supply, making it easier and more cost-effective for borrowers to obtain bank credit, supported by multiple interest rate cuts since 2018 [1] - The central bank has expressed its commitment to maintaining economic stability through monetary policy, having lowered the policy rate to a historic low of 1.4% while also reducing the rates of all structural monetary policy tools [1] Group 2 - Many small and medium-sized manufacturing enterprises have reported that loan interest rates have halved from previous highs of around 6.5%, significantly impacting their profitability [2] - The decline in financing costs is expected to boost market expectations and expand demand, as evidenced by a technology company that applied for a loan to upgrade its production line after receiving a 20 basis point interest rate discount [2] - A recent World Bank survey indicates that China's financial service efficiency ranks among the best globally, with only 7.7% of surveyed enterprises finding loan rates high or procedures complex, comparable to New Zealand's 5.5% [2] Group 3 - Many regions are implementing trials for "explicit comprehensive financing costs for corporate loans," enhancing transparency in financing costs and reducing the burden on enterprises [3] - Previously, loan agreements often included hidden fees, but now all costs are clearly outlined, allowing businesses to understand the total financing costs upfront [3]