4月信贷数据回落 或受到三方面因素影响

Group 1 - The People's Bank of China reported that in April, new RMB loans increased by 280 billion yuan, a decrease of 450 billion yuan year-on-year, while the new social financing scale was 1,158.5 billion yuan, an increase of 1,224.3 billion yuan year-on-year [2] - The decline in new loans is attributed to seasonal factors, with April traditionally being a "small credit month," and increased global trade frictions contributing to market uncertainty and a slowdown in credit expansion for foreign trade enterprises and residents [2][3] - Corporate loans increased by 610 billion yuan in April, which is a decrease of 250 billion yuan compared to April of the previous year, while household loans decreased by 521.6 billion yuan, a year-on-year decrease of 5 billion yuan [2] Group 2 - In April, corporate medium- and long-term loans, short-term loans, and bill financing increased by 250 billion yuan, decreased by 480 billion yuan, and increased by 834.1 billion yuan respectively, with significant decreases in medium- and long-term loans compared to April 2024 [3] - The changes in corporate loans are linked to a sharp change in the external environment in April, leading to increased uncertainty in future expectations for enterprises [3] - The focus of economic policy remains on expanding domestic demand and boosting consumption, particularly in service consumption, with the central bank establishing a 500 billion yuan "service consumption and pension relending" program to support key sectors [3][4]