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前8个月人民币贷款增加13.46万亿元 金融支持实体经济稳固有力
Jing Ji Ri Bao·2025-09-13 06:19

Monetary Policy and Financial Statistics - As of the end of August, the broad money supply (M2) stood at 331.98 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The total social financing stock reached 433.66 trillion yuan, also showing a year-on-year increase of 8.8% [1] - The balance of RMB loans was 269.1 trillion yuan, with a year-on-year growth of 6.8% [1] - The current monetary policy is characterized as moderately loose, supporting the real economy effectively [1] Government Bond Financing - In the first eight months of the year, net financing from government bonds amounted to 1.027 trillion yuan, an increase of 463 billion yuan year-on-year [1] - The proactive fiscal policy combined with a moderately loose monetary policy has led to an increase in government bond issuance, supporting the growth of social financing [1] Loan Growth and Economic Support - RMB loans increased by 1.346 trillion yuan in the first eight months, indicating strong support for the real economy [2] - Special refinancing bonds have been issued rapidly to address hidden local government debts, with 190 billion yuan issued by the end of August [2] - The growth in loans is also supported by a recovery in manufacturing and increased financing needs in high-tech and equipment manufacturing sectors [3][4] Consumer and Personal Loans - Personal loans have seen growth due to increased consumer demand during the traditional summer consumption peak [4] - Recent real estate policy adjustments in major cities have further stimulated housing loan demand [4] Interest Rates and Financing Costs - Since 2020, the People's Bank of China has cut policy rates nine times, leading to a significant decrease in loan rates [5] - The average interest rate for new corporate loans was approximately 3.1%, down about 40 basis points year-on-year, while new personal housing loan rates also fell to around 3.1% [5] - The overall financing costs for the real economy have decreased significantly, supporting economic recovery [5]