中国8月末社会融资规模存量433.66万亿元 同比增8.8%

Group 1 - As of the end of August 2025, China's social financing scale reached 433.66 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The balance of RMB loans issued to the real economy was 265.42 trillion yuan, with a year-on-year increase of 6.6% [1] - The cumulative increase in social financing for the first eight months of 2025 was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [1] Group 2 - The chief economist of China Minsheng Bank, Wen Bin, noted that the combination of more proactive fiscal policies and moderately loose monetary policies has supported the growth of social financing [1] - The scale of social financing that includes government bonds has become a leading indicator for the recovery of the Chinese economy [1] - Direct financing, primarily through government and corporate bonds, has been growing faster than credit financing, indicating a shift in the financing structure that aligns better with economic transformation [1] Group 3 - Looking ahead, the fourth quarter is crucial for achieving the annual and "14th Five-Year" economic targets, with expectations for new policies to be introduced [2] - Key sectors such as infrastructure and real estate are anticipated to receive more favorable policies, especially with the continued growth of government bond issuance [2] - Financial data is expected to improve, supported by factors like the "Golden September and Silver October" in real estate [2]