金融时报：政府债券快发多发短期对贷款有一定替代

Core Viewpoint - The central theme of the news is the robust growth of broad money (M2) and social financing scale in China, indicating a favorable monetary environment for economic recovery, supported by coordinated monetary and fiscal policies [2][3][4]. Monetary Data Summary - As of October 2025, the broad money (M2) balance reached 335.13 trillion yuan, with a year-on-year growth of 8.2%, which is 0.8 percentage points higher than the same period last year [2]. - The total social financing scale stood at 437.72 trillion yuan, growing by 8.5% year-on-year, which is 0.7 percentage points higher than the previous year [3]. - From January to October, the incremental social financing was 30.9 trillion yuan, exceeding the previous year's figure by 3.83 trillion yuan [2]. - In the first ten months, RMB deposits increased by 23.32 trillion yuan, while RMB loans rose by 14.97 trillion yuan [2]. Government Bond Issuance - The rapid issuance of government bonds, including special refinancing bonds, has significantly supported the growth of social financing, with a total issuance of approximately 22 trillion yuan from January to October, nearly 4 trillion yuan more than the previous year [3][4]. - The issuance of ultra-long-term special government bonds increased from 1 trillion yuan last year to 1.3 trillion yuan this year, reflecting fiscal support for economic growth and demand [3]. Coordination of Monetary and Fiscal Policies - The collaboration between monetary and fiscal policies has effectively stabilized market liquidity and provided funding for major projects [4]. - The central bank's liquidity support through various operations has facilitated the smooth issuance of government bonds, contributing to a stable market outlook [4]. Credit Structure Optimization - The total RMB loan balance reached 270.61 trillion yuan by the end of October, with a year-on-year growth of 6.5%, indicating an overall increase and structural optimization in credit [7]. - The balance of inclusive small and micro loans was 35.77 trillion yuan, growing by 11.6%, while medium to long-term loans in the manufacturing sector reached 14.97 trillion yuan, up by 7.9% [7]. - The shift in credit structure reflects the changing funding needs of different sectors in the economy, with a focus on supporting high-quality development and emerging industries [8][9].