前三季度，新增社会融资规模超30万亿元—— 金融支持实体力度保持稳固

Core Insights - The financial statistics released by the People's Bank of China indicate a robust financial support for the real economy, driven by a moderately loose monetary policy [1] Group 1: Monetary Supply and Financing Scale - As of the end of September, the M2 balance reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, maintaining a high growth rate despite last year's high base [2] - The total social financing scale stood at 437.08 trillion yuan, with a year-on-year increase of 8.7%, which is 0.7 percentage points higher than the same period last year [2] - In the first three quarters, the incremental social financing totaled 30.09 trillion yuan, which is 4.42 trillion yuan more than the previous year [2] Group 2: Credit Structure Optimization - By the end of September, the balance of RMB loans was 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [3] - 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 [3] - The growth in corporate loans was supported by a significant increase in medium to long-term loans, particularly in key sectors like equipment manufacturing and high-tech manufacturing [3] Group 3: Policy and Cost of Financing - The average interest rate for newly issued corporate loans in September was approximately 3.1%, which is about 40 basis points lower than the same period last year [5] - The implementation of interest subsidies for personal consumption loans and service industry loans has further stimulated demand for consumer loans [5] - Recent adjustments in housing purchase policies in major cities have led to a rebound in personal housing loan demand, with the average interest rate for new personal housing loans also at about 3.1%, down 25 basis points year-on-year [5] Group 4: Economic Outlook - The internal and external environments are showing signs of stabilization and improvement, with positive changes in corporate operations, consumer spending, and trade [6] - The moderately loose monetary policy is expected to continue supporting the real economy, while fiscal policies are actively being implemented to enhance consumption and improve livelihoods [6] - Long-term structural transformation and industrial upgrades in the Chinese economy are anticipated to progress steadily, leading to a more balanced supply-demand relationship [6]