Group 1 - The People's Bank of China reported that the total social financing increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [1] - New RMB loans amounted to 14.97 trillion yuan, indicating a significant role of fiscal policy in driving economic growth and demand [1] - Government bond net financing reached 11.95 trillion yuan, accounting for nearly 40% of the total social financing increase, which is 3.72 trillion yuan more year-on-year [1] Group 2 - The proportion of financing methods other than loans has exceeded half of the total social financing increment, indicating a weakening role of RMB loans in driving social financing [2] - The outstanding balance of inclusive small and micro loans was 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% [2] - The year-on-year growth rate of total social financing stock was 8.5%, and the growth rate of broad money (M2) was 8.2%, reflecting strong support from the financial system for the real economy [2] Group 3 - The current RMB loan balance has reached 270 trillion yuan, and the total social financing stock is at 437 trillion yuan, suggesting a natural trend of declining growth rates in financial totals due to larger bases [3] - The growth momentum is shifting from traditional sectors like infrastructure and real estate to emerging fields such as technological innovation and green low-carbon initiatives [3] - The central bank plans to implement a moderately loose monetary policy to maintain relatively loose social financing conditions in the future [3]
前10月社融增量30.9万亿 新动能相关贷款增速较快
Zheng Quan Shi Bao·2025-11-13 17:48