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8月M1、M2“剪刀差”再创年内新低
Shang Hai Zheng Quan Bao·2025-09-12 18:42

Group 1 - Personal loan growth has been boosted due to traditional summer consumption peaks and policies promoting consumption, leading to increased loan demand [1] - New housing policies in cities like Beijing, Shanghai, and Shenzhen have improved housing demand, resulting in a noticeable increase in personal housing loan consultations and signings [1] - The issuance of special refinancing bonds for replacing local hidden debts reached 1.9 trillion yuan by the end of August, contributing to a higher loan growth rate of approximately 7.8% after adjusting for related impacts [1] Group 2 - The social financing scale reached 433.66 trillion yuan by the end of August, with a year-on-year growth of 8.8%, supported by proactive fiscal policies and moderate monetary policies [2] - Government bond balances increased by 21.1% year-on-year, indicating strong support for social financing growth [2] - M1 and M2 growth rates are narrowing, with M2 at 331.98 trillion yuan and a year-on-year growth of 8.8%, while M1 grew by 6% to 111.23 trillion yuan [2][3] Group 3 - The balance of inclusive small and micro loans reached 35.20 trillion yuan, growing by 11.8%, while medium to long-term loans for manufacturing increased by 8.6% to 14.87 trillion yuan [4] - The weighted average interest rate for new corporate loans was approximately 3.1%, down 40 basis points year-on-year, indicating a favorable lending environment [4] - Analysts expect the macroeconomic environment to remain stable, with a predicted growth target of around 5% for the year, reflecting positive market confidence [4] Group 4 - Structural monetary policy tools are expected to continue playing a role in enhancing financial support for key sectors, while maintaining reasonable total financial growth [5] - The need for optimizing the structure of financial support is emphasized, especially in light of high household leverage and pressure on bank asset quality [5]