前三季度新增社融超一半来自非贷款渠道 金融支持实体经济更多元

Core Viewpoint - The People's Bank of China (PBOC) reported that the total social financing scale increased significantly in the first three quarters of 2025, indicating robust financial support for the real economy, with government bonds playing a crucial role in this growth [1][3][12]. Financing Data - The total social financing scale increased by 30.09 trillion yuan in the first three quarters of 2025, which is 4.42 trillion yuan more than the same period last year [1]. - The balance of social financing stock reached 437.08 trillion yuan by the end of September, reflecting a year-on-year growth of 8.7% [3]. - The net financing from government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year, highlighting the government's active role in financing [1][3]. Loan and Deposit Trends - By the end of September, the balance of loans in both domestic and foreign currencies was 274.33 trillion yuan, with a year-on-year growth of 6.5% [9]. - The balance of RMB deposits was 324.94 trillion yuan, growing by 8% year-on-year, with household deposits increasing by 12.73 trillion yuan [5][6]. - The phenomenon of "deposit migration" was noted, where residents shifted their savings into other assets due to changing return rates, indicating a reallocation of household assets [6][8]. Monetary Policy and Economic Impact - The M2 money supply reached 335.38 trillion yuan, growing by 8.4% year-on-year, supported by proactive fiscal policies and moderately loose monetary policies [10][12]. - The M1-M2 gap has narrowed significantly, suggesting increased business activity and consumer demand [10]. - Experts suggest that the financial system's support for the real economy extends beyond loans, emphasizing the importance of observing a broader range of financing channels [4][12]. Future Outlook - The internal and external environments are stabilizing, with positive changes in corporate operations, consumer spending, and trade, providing a foundation for achieving economic and social development goals [13]. - The PBOC aims to maintain ample liquidity and guide financial institutions to increase credit supply, ensuring that the growth of social financing aligns with economic growth targets [12][13].