货币政策“适度宽松”半年成绩单，社融规模多增4.74万亿

Core Viewpoint - The Chinese economy is showing signs of recovery, supported by a moderately loose monetary policy and an increase in social financing, with a focus on enhancing financial services to the real economy [1][2][14]. Monetary Policy and Financial Statistics - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [1]. - The increase in RMB loans to the real economy was 12.74 trillion yuan, up by 279.6 billion yuan year-on-year [1]. - The net financing of government bonds reached 7.66 trillion yuan, an increase of 4.32 trillion yuan compared to the previous year [1]. - As of the end of June, M2 grew by 8.3%, and M1 increased by 4.6% [1][9]. Loan Rates and Credit Structure - The average interest rate for newly issued corporate loans was approximately 3.3%, down by about 45 basis points year-on-year, while personal housing loan rates were around 3.1%, down by 60 basis points [2]. - The growth rates of inclusive small and micro loans, medium to long-term loans in manufacturing, and technology loans were all higher than the overall loan growth rate, indicating an ongoing optimization of the credit structure [2]. Government Bond Financing - In June, the net financing of government bonds was about 1.35 trillion yuan, contributing significantly to the increase in social financing [5][8]. - The proportion of loans to the real economy in the total social financing stock was 61.6%, which is a decrease of 1.2 percentage points year-on-year [6]. Economic Recovery and Consumer Demand - The implementation of consumption promotion policies, such as subsidies for home appliances and automobiles, has led to a recovery in effective credit demand [7]. - Seasonal consumer demand, particularly during promotional events like "618", has also supported credit growth [7]. Future Monetary Policy Directions - The People's Bank of China plans to continue implementing a moderately loose monetary policy, focusing on enhancing financial services for the real economy, particularly in technology innovation and consumption [10][11]. - Structural monetary policy tools will be utilized to support key areas and weak links in the economy, with an emphasis on balancing financial support for the real economy and maintaining the health of the financial system [10][12]. Inflation and Price Trends - In June, the Consumer Price Index (CPI) showed a year-on-year increase of 0.1%, indicating a shift from a decline to a rise, while the core CPI continued to recover [16].