Core Viewpoint - The People's Bank of China (PBOC) emphasizes a shift in credit allocation from heavy asset industries to high-quality development sectors, with loans in the "five major articles" now accounting for approximately 70% of new loans, compared to over 60% in real estate and infrastructure in 2016 [2][3]. Group 1: Credit Structure Evolution - Over the past decade, the structure of new loans has significantly evolved, with a notable increase in loans directed towards technology and green finance [3]. - As of June 2025, technology loans have maintained a growth rate of over 12.5%, outpacing the overall loan growth by 5.8 percentage points [3]. - Green loan balances have surged from 9.9 trillion yuan at the end of 2019 to 36.6 trillion yuan by the end of 2024, reflecting an annual growth rate exceeding 20% [3]. Group 2: Inclusive Finance Development - By the second quarter of 2025, the balance of loans to small and micro enterprises reached 65 trillion yuan, increasing its share of corporate loans from 30.4% in 2014 to 38.2% [4]. - The average annual growth rate of loans to small and micro enterprises has been approximately 15% over the past decade [4]. - The interest rate for newly issued inclusive small and micro enterprise loans was 3.48% as of June 2025, a decrease of over 2 percentage points compared to pre-LPR reform levels [4]. Group 3: Monetary Policy Considerations - The PBOC plans to implement a moderately accommodative monetary policy, focusing on maintaining liquidity and aligning social financing growth with economic growth and price level expectations [6]. - The report highlights the importance of promoting reasonable price recovery as a key consideration in monetary policy [6]. - The central bank has noted the complexities and challenges facing the economy, including external pressures and low-price competition in certain sectors, which could impact supply-demand balance [7].
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Nan Fang Du Shi Bao·2025-08-15 13:37