7月末中国社会融资规模存量同比增长9%

Core Insights - The People's Bank of China reported that as of the end of July, the total social financing stock was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] - The balance of RMB loans issued to the real economy reached 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - In the first seven months of this year, the cumulative increment of social financing was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] Financing and Economic Impact - The increase in social financing in July was primarily supported by government bond financing, with a significant rise in the issuance of special bonds [1] - The issuance of government bonds in the first half of the year totaled 13.3 trillion yuan, with national bonds accounting for 7.89 trillion yuan, marking a 36% year-on-year increase [1] - The issuance of local special bonds aimed at replacing hidden debt reached approximately 1.8 trillion yuan [1] Future Outlook - Experts suggest that while government bond issuance may have a short-term substitutive effect on loans, sustained fiscal policy efforts will enhance total demand and stimulate incremental credit demand [2] - The expectation is that social financing will remain at a high level in August, continuing the trend observed in previous months [1]