4月份社融新增1.16万亿元，同比多增1.22万亿元—— 融资总量增成本降支持实体经济

Core Insights - The People's Bank of China reported an increase in social financing scale and broad money (M2) growth, indicating a stable and moderately loose monetary policy [1][2] - The acceleration in government bond issuance has been a significant driver of social financing growth, with net financing exceeding 500 billion yuan in April [1][3] - The shift in credit allocation towards small and micro enterprises and the manufacturing sector reflects a structural adjustment in the economy [3][4] Monetary and Financial Data - As of the end of April, the social financing scale reached 424 trillion yuan, growing by 8.7% year-on-year, while M2 stood at 325.17 trillion yuan, with an 8% increase [1] - New social financing in April amounted to 1.16 trillion yuan, which is approximately 1.22 trillion yuan more than the same period last year [1] - The balance of RMB loans was 265.7 trillion yuan, with a year-on-year growth of 7.2%, and the growth rate exceeded 8% after adjusting for local debt replacement [1][2] Government Bond Issuance - The net financing from government bonds in the first four months of the year surpassed 500 billion yuan, which is about 3.6 trillion yuan more than the previous year [1][3] - In April, the issuance of special government bonds and local government refinancing bonds contributed to a net financing of approximately 970 billion yuan, boosting the social financing growth rate by about 0.3 percentage points [1][3] Credit Structure and Allocation - The proportion of loans to small and micro enterprises increased from 31% to 38%, while loans to large and medium-sized enterprises decreased from 69% to 62% [3] - The allocation of credit has shifted towards the manufacturing and technology innovation sectors, with the share of manufacturing loans rising from 5.1% to 9.3% [3] - The interest rates for newly issued corporate loans and personal housing loans in April were approximately 3.2% and 3.1%, reflecting a year-on-year decrease of about 50 and 55 basis points, respectively [3] Future Outlook - Despite uncertainties in foreign trade and ongoing local debt replacement, the introduction of a package of financial policy measures is expected to boost market confidence and support the recovery of effective demand in the real economy [4] - Overall, the financial volume is anticipated to maintain steady growth in the near term [4]