7月M2增长8.8%！“反内卷”见效影响信贷

Group 1 - The core viewpoint of the articles highlights the significant increase in social financing scale and the ongoing supportive monetary policy, with a cumulative increase of 23.99 trillion yuan in social financing by the end of July, which is 5.12 trillion yuan more than the same period last year [1] - The growth rate of broad money supply (M2) reached 8.8% year-on-year, reflecting a 0.5 percentage point increase from the previous month, indicating a relatively loose monetary policy stance [1] - The government bond issuance has been robust, with a cumulative net financing of government bonds increasing by 4.32 trillion yuan year-on-year, supporting the overall social financing scale [6] Group 2 - The loan balance of RMB increased by 6.9% year-on-year, with external factors such as local government debt management and the reform of small and medium-sized banks affecting the loan growth rate [2] - The structure of credit is continuously optimizing, with loans in technology, green, inclusive, elderly care, and digital economy sectors growing significantly faster than the overall loan growth rate [4] - The interest rates for new corporate loans and personal housing loans have decreased, with corporate loan rates around 3.2% and personal housing loan rates around 3.1%, reflecting a relatively abundant credit supply [5] Group 3 - The shift towards direct financing is becoming more pronounced, with the proportion of direct financing increasing to better meet the diverse financing needs of enterprises [7] - The ongoing policies aimed at stimulating consumption and enhancing technology are showing positive effects, as evidenced by the increased willingness of the manufacturing sector to engage in long-term investments [4] - The financial institutions are adapting to changes in the economic structure, focusing on identifying effective credit demand in niche markets [3]