上半年人民币贷款增加12.92万亿元 呈现总量增长、结构优化特征

Core Insights - The People's Bank of China reported that by the end of June 2025, the total social financing stock was 430.22 trillion yuan, a year-on-year increase of 8.9% [1] - The broad money (M2) balance reached 330.29 trillion yuan, growing by 8.3% year-on-year [1] - The balance of RMB loans stood at 268.56 trillion yuan, reflecting a year-on-year growth of 7.1% [1] Financial Support for the Real Economy - The financial system's credit support for the real economy remained at a high level, with RMB loans increasing by 12.92 trillion yuan in the first half of the year [2] - Corporate loans accounted for 89.5% of the total new loans, with an increase of 11.57 trillion yuan, marking a 6.6 percentage point rise compared to the previous year [2] - The structure of loans continued to optimize, with significant increases in loans to manufacturing and infrastructure sectors [2] Loan Growth in Key Areas - Loans in the "Five Major Areas" showed total growth and expanded coverage, with a balance of 103.3 trillion yuan, up 14% year-on-year [3] - Technology loans reached a balance of 43.3 trillion yuan, growing by 12% year-on-year, with technology-related enterprises receiving 22.5 trillion yuan [3] - Green, inclusive, pension, and digital loans also saw significant year-on-year growth rates of 27.4%, 11.2%, 38%, and 9.5% respectively [3] Social Financing and Money Supply - The cumulative increase in social financing for the first half of 2025 was 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [4] - Government bond net financing reached 7.66 trillion yuan, an increase of 4.32 trillion yuan year-on-year, with local government bonds contributing significantly [4] - The M2 balance grew by 8.3%, which is 2.1 percentage points higher than the previous year [4][5] Factors Influencing Financial Growth - Increased government bond issuance and financial institutions' bond investments contributed to the rise in money supply [5] - The stable growth of credit also supported money supply expansion, alongside a recovery in corporate deposits [5] - Overall, the financial data for the first half of the year indicates a reasonable growth in social financing and money supply, aligning with economic growth and price level expectations [5]