上半年金融数据出炉：M2同比增8.3%，信贷结构亮点纷呈

Core Viewpoint - The current monetary policy in China is characterized as "moderately loose," with financial aggregate indicators growing significantly faster than the economic growth rate [3]. Group 1: Financial Data Overview - As of June 30, 2025, the broad money supply (M2) reached 330.29 trillion yuan, growing by 8.3% year-on-year, which is 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year [1]. - The narrow money supply (M1) stood at 113.95 trillion yuan, with a year-on-year growth of 4.6%, which is 2.3 percentage points higher than the previous month [1]. - The total social financing stock was 430.22 trillion yuan, increasing by 8.9% year-on-year, with a net increase of 4.20 trillion yuan in June, which is 900.8 billion yuan more than the previous year [2][1]. Group 2: Government Bond Financing - Government bond net financing was a major driver of social financing growth, amounting to 7.66 trillion yuan in the first half of the year, which is an increase of 4.32 trillion yuan year-on-year [2]. - The issuance of government bonds has significantly increased compared to last year, particularly since May, providing substantial support to social financing [2]. Group 3: Credit Demand and Structure - The demand for credit has been bolstered by seasonal consumption, with significant consumer spending during promotional events like the "618" sales and summer travel planning [4]. - By the end of June, the balance of RMB loans was 268.56 trillion yuan, growing by 7.1% year-on-year, with medium to long-term loans for the manufacturing sector reaching 14.84 trillion yuan, up 8.7% [5][4]. - The "Five Major Articles" of finance, which include technology, green, inclusive, elderly, and digital finance, saw a loan balance of 103.3 trillion yuan, representing 38.2% of total loans and a year-on-year growth of 14.0% [5]. Group 4: Monetary Policy Implementation - The People's Bank of China has implemented a series of monetary policy measures, including a 0.5 percentage point reserve requirement ratio cut and various liquidity injections totaling approximately 1.4 trillion yuan [7]. - The focus of future monetary policy will be on maintaining a balance between supporting the real economy and ensuring the health of the financial system, with an emphasis on sectors like technology innovation and small and micro enterprises [8][9].