前三季度社会融资规模增量超30万亿元 金融对实体经济支持力度稳固

Core Insights - The People's Bank of China reported that by the end of September, the growth rates of social financing scale, M2 money supply, and RMB loan balances significantly exceeded economic growth, indicating strong financial support for the real economy [1][7]. Financing and Monetary Policy - As of September 30, 2025, the social financing scale reached 437.08 trillion yuan, with a year-on-year growth of 8.7%. The total increment in social financing for the first three quarters was 30.09 trillion yuan, which is 4.42 trillion yuan more than the same period last year [2]. - The increase in RMB loans to the real economy was 14.54 trillion yuan, which is a decrease of 851.2 billion yuan compared to the previous year. In contrast, net financing from government bonds was 11.46 trillion yuan, an increase of 4.28 trillion yuan year-on-year [2][3]. Credit Growth and Structure Optimization - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan. The balance of RMB loans reached 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [4]. - The structure of credit is continuously optimizing, with inclusive small and micro loans growing by 12.2% and medium to long-term loans in the manufacturing sector increasing by 8.2% [4]. Monetary Supply and Economic Indicators - By the end of September, M2 stood at 335.38 trillion yuan, with a year-on-year growth of 8.4%. The narrow money (M1) balance was 113.15 trillion yuan, growing by 7.2% [7]. - The recent increase in M1 growth rate is attributed to the activation of corporate and household deposits, indicating improved business activity and consumer demand [7]. Future Economic Outlook - Experts suggest that the current monetary policy will continue to support the real economy, with fiscal policies also playing a significant role. The effects of previous measures aimed at boosting consumption and improving livelihoods are expected to gradually manifest [7][8]. - The large scale of financial resources is effectively meeting the financing needs of the real economy, but achieving rapid growth may be challenging due to the shift towards high-quality economic development [8].