温彬：如何看待4月信贷增长及后续宽信用进程

Group 1 - In April, new RMB loans increased by 280 billion, a year-on-year decrease of 450 billion, with a credit growth rate of 7.2%, down 0.2 percentage points month-on-month [2][4] - The credit structure is undergoing long-term changes, with corporate loans remaining a stabilizing factor for credit expansion, while retail lending shows seasonal declines [5][10] - The government bond issuance and fiscal policies are providing strong support for social financing, with April's social financing growth rate at 8.7%, up 0.3 percentage points month-on-month [15][16] Group 2 - The total social financing in April was 1.16 trillion, a significant year-on-year increase of 1.22 trillion, driven by government bond issuance and other financing methods [15][20] - The issuance of government bonds in April reached a net financing of 976.2 billion, a year-on-year increase of 1.07 trillion, supporting social financing growth [16][20] - The corporate bond financing in April added 234 billion, a year-on-year increase of 633 billion, indicating a robust demand for credit [17][20] Group 3 - The M2 money supply grew by 8% year-on-year in April, a significant increase of 1 percentage point from the previous month, while M1 growth remained stable at 1.5% [21][22] - The low base effect from the previous year contributed to the significant increase in M2, as financial data showed a shift in deposits towards non-bank systems [22][24] - The overall financial support for the real economy remains strong, with expectations for reasonable growth in financial totals due to supportive policies and improved market confidence [24]