Group 1 - Financial support for the real economy has strengthened, with social financing scale increasing by 18.63 trillion yuan in the first five months of 2025, an increase of 3.83 trillion yuan compared to the same period last year [1][2] - The structure of new social financing is primarily driven by RMB loans, government bond financing, and bill financing, with RMB loans to the real economy increasing by 10.38 trillion yuan, contributing over 50% to the total [2] - Government bond net financing reached 6.31 trillion yuan, an increase of 3.81 trillion yuan year-on-year, driven by proactive fiscal policies [3] Group 2 - The efficiency of market financing has improved, with non-financial corporate domestic stock financing reaching 150.4 billion yuan in the first five months of 2025, an increase of 44.4 billion yuan year-on-year [4] - The balance of non-financial corporate stocks reached 11.87 trillion yuan by the end of May, reflecting a year-on-year growth of 2.9% [4] - The issuance of government bonds remains high, with the balance of government bonds increasing to 20.5% of the total social financing stock, up 2.1 percentage points year-on-year [5] Group 3 - The balance of RMB loans to the real economy was 262.86 trillion yuan by the end of May, accounting for 61.7% of the total social financing stock, a decrease of 1 percentage point year-on-year [5] - The trend of "de-dollarization" among enterprises is becoming more evident, with foreign currency loans decreasing by 16.3% year-on-year [5] - The broad money supply (M2) was 325.78 trillion yuan at the end of May, reflecting a year-on-year growth of 7.9% [5]
中国前5月新增社融18.63万亿 资本市场融资功能持续增强
Chang Jiang Shang Bao·2025-06-16 00:40