【新华解读】上半年人民币贷款新增近13万亿 财政靠前发力支撑社融同比多增

Core Viewpoint - The People's Bank of China reported that the total social financing scale increased significantly in the first half of the year, supported mainly by government bonds, with a notable rise in M2 growth due to a low base effect from the previous year [1][2]. Group 1: Social Financing and M2 Growth - In the first half of the year, the total social financing scale increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2]. - As of the end of June, the social financing scale and M2 balance grew by 8.9% and 8.3% year-on-year, respectively, with increases of 0.8 and 2.1 percentage points compared to the previous year [2][4]. - Government bond net financing contributed significantly, with an addition of 7.66 trillion yuan, accounting for 91.1% of the total increase in social financing [2][4]. Group 2: Monetary Policy and Economic Support - The financial data from the first half of the year indicates that monetary policy has effectively supported the real economy, with expectations for continued reasonable growth in credit in the second half [6]. - The central bank plans to maintain a moderately loose monetary policy to support economic and social development goals for the year [6]. - Experts predict that as the effects of government bond issuance and low base effects diminish, the growth rate of financial totals will stabilize at reasonable levels [6]. Group 3: Credit and Loan Growth - As of the end of June, the balance of RMB loans reached 268.56 trillion yuan, with a year-on-year growth of 7.1%, although this is about 1.7 percentage points lower than the previous year [7][8]. - In the first half of the year, RMB loans increased by 12.92 trillion yuan, with 2.24 trillion yuan added in June alone [8]. - The loan structure showed positive trends, with significant increases in loans to manufacturing and infrastructure sectors, and a notable rise in loans related to the "five major areas" of finance [8].