财经聚焦丨近15万亿元新增贷款投向哪里？——透视我国前10个月金融数据

Core Insights - The People's Bank of China reported that nearly 15 trillion yuan in new RMB loans were issued in the first ten months of this year, indicating strong financial support for the real economy [1] - The total RMB loan balance reached 270.61 trillion yuan by the end of October, with a year-on-year growth of 6.5%, while the social financing scale stood at 437.72 trillion yuan, growing by 8.5% year-on-year [1] Loan Structure and Trends - Corporate loans, particularly medium to long-term loans, have seen significant growth, with corporate loans increasing by 13.79 trillion yuan in the first ten months, making them the main contributor to loan growth [1] - Medium to long-term loans accounted for over 60% of the new corporate loans, with an increase of 8.32 trillion yuan [1] - By the end of October, inclusive small and micro loans reached a balance of 35.77 trillion yuan, growing by 11.6% year-on-year, while medium to long-term loans in the manufacturing sector reached 14.97 trillion yuan, up by 7.9% [1] Financial Policy and Support - China Construction Bank announced a service plan to support new industrialization, aiming for a financing scale exceeding 5 trillion yuan in the manufacturing sector over the next three years [2] - The People's Bank of China reported that structural monetary policy tools supporting key financial initiatives had a balance of 3.9 trillion yuan by the end of September, with loan growth in these areas significantly outpacing overall loan growth [2] Monetary Supply and Interest Rates - By the end of October, broad money (M2) grew by 8.2% year-on-year, while narrow money (M1) grew by 6.2%, indicating a narrowing gap between M2 and M1 compared to the previous year [4] - The average interest rate for newly issued corporate loans was 3.1%, down approximately 40 basis points year-on-year, while the average interest rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [5] Bond Financing and Social Financing Growth - In the first ten months, the total social financing increment was 30.9 trillion yuan, with net financing from corporate bonds at 1.82 trillion yuan, an increase of 1.36 trillion yuan year-on-year, and government bonds at 11.95 trillion yuan, up by 3.72 trillion yuan [6] - The share of government and corporate bond financing in new social financing rose to approximately 45%, reflecting a shift towards more diversified financing channels beyond traditional bank loans [6]