财政发力支撑社融增速抬升，4月金融数据有何亮点？

Core Viewpoint - The financial data for April indicates a significant rebound in M2 growth and an acceleration in the scale of social financing, reflecting a stable and effective monetary policy that supports the real economy [1][12]. Monetary Supply and Financing - As of the end of April, the broad money supply (M2) reached 325.17 trillion yuan, with a year-on-year growth of 8%, which is 1.0 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [1][8]. - The total social financing stock was 424 trillion yuan, showing a year-on-year increase of 8.7%, which is 0.3 percentage points higher than the previous month and 0.4 percentage points higher than the same period last year [1][12]. - In April, the increment of social financing was 1.16 trillion yuan, which is 1.22 trillion yuan more than the same month last year [1]. Government Bond Issuance - The acceleration of government bond issuance has significantly contributed to the increase in social financing. From January to April, net financing from government bonds exceeded 5 trillion yuan, which is approximately 3.6 trillion yuan more than the same period last year [3][4]. - In April, the issuance of special long-term government bonds and refinancing bonds for replacing hidden debts contributed to a net financing of about 970 billion yuan, which is approximately 1.1 trillion yuan more than the same month last year [3]. Credit Growth and Structure - From January to April, the total increase in RMB loans was 10.06 trillion yuan, roughly the same as the previous year [1]. - The balance of inclusive small and micro loans reached 34.31 trillion yuan, with a year-on-year growth of 11.9%, while medium and long-term loans for the manufacturing sector reached 14.71 trillion yuan, growing by 8.5% year-on-year [1][6]. Impact of Debt Replacement - The replacement of local government debt through special bonds has influenced the credit growth statistics, but it does not diminish the actual support for the real economy. The adjusted loan growth rate remains above 8% [6][7]. - The issuance of special refinancing bonds for debt replacement has been significant, with over 2 trillion yuan issued in the last quarter of the previous year and nearly 1.6 trillion yuan from January to April this year [7]. Economic Outlook - The financial data from the first four months aligns well with the performance of the real economy, indicating that the effects of moderately loose monetary policy will continue to manifest [2][12]. - The average interest rate for newly issued corporate loans in April was approximately 3.2%, which is about 4 basis points lower than the previous month and 50 basis points lower than the same period last year [13].