7月金融数据出炉：资金活化程度提升，融资成本持续下降

Core Insights - The central viewpoint of the articles indicates that China's financial support for the real economy remains robust, with significant growth in social financing, broad money supply (M2), and RMB loans, all outpacing economic growth [1][3]. Financial Statistics - As of the end of July 2025, the social financing scale reached 431.26 trillion yuan, reflecting a year-on-year growth of 9%, which is 0.1 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [2]. - The broad money supply (M2) stood at 329.94 trillion yuan, with a year-on-year increase of 8.8%, while the narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% [2]. - RMB loans amounted to 268.51 trillion yuan, showing a year-on-year growth of 6.9% [4]. Economic Context - China's GDP grew by 5.3% year-on-year in the first half of the year, which supports the reasonable growth of financial totals [1]. - The narrowing gap between M1 and M2 growth rates indicates improved liquidity and efficiency in fund circulation, reflecting the effectiveness of policies aimed at stabilizing market expectations [2][3]. Loan Dynamics - The growth in loans is influenced by seasonal characteristics, with July typically being a month of lower credit activity due to various factors, including the end of the first half of the year [4][5]. - The shift towards bond financing for infrastructure projects is noted, with many governments and enterprises preferring this method over traditional bank loans [5][6]. Financial Quality and Cost - The quality of financial support is emphasized, with a focus on providing precise and efficient services rather than merely increasing loan volumes [6]. - The average interest rates for new corporate loans and personal housing loans have decreased to approximately 3.2% and 3.1%, respectively, reflecting a more favorable borrowing environment [7].