金融服务实体经济取得明显成效

Core Viewpoint - The "Five Major Articles" in finance are crucial for supporting the real economy and are emphasized in the recent policy decisions by the Chinese government, aiming to deepen financial reforms and accelerate the construction of a financial powerhouse by 2025 [1] Financial "Five Major Articles" - The financial system aims to enhance services to major strategies, key areas, and weak links, achieving significant results by 2025, with loans in these areas reaching 107.5 trillion yuan, accounting for 39.2% of total loans, and a year-on-year growth of 13.2% [1] - In the first three quarters of the year, loans in the "Five Major Articles" accounted for 75% of the total loan increase, with specific sectors like technology, green finance, inclusive finance, pension industry, and digital economy showing growth rates of 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all exceeding the average loan growth rate [1] Technology Finance - Technology finance is identified as a key element in building a modern industrial system and developing new productive forces, with increased support from the financial system since 2025 [2] - The People's Bank of China raised the scale of re-loans for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan, promoting financial institutions to increase investments in technology innovation [2] - By the end of the third quarter, technology loans accounted for 30.5% of total loan increases, with loans to small and medium-sized technology enterprises reaching 3.6 trillion yuan, a year-on-year increase of 22.3% [3] Inclusive Finance and Pension Finance - The financial sector is focusing on inclusive finance and pension finance to enhance financial accessibility for small and micro enterprises and residents, with inclusive loans for small and micro enterprises reaching 36.5 trillion yuan, a year-on-year increase of 12.1% [4] - The financial support for the pension industry and consumer sectors has increased, with the People's Bank of China establishing a 500 billion yuan re-loan service for consumption and pensions [5] Supply and Demand Dynamics - The "Five Major Articles" aim to effectively combine supply and demand, providing precise and rich financial services to address economic pain points while promoting structural reforms in financial supply [6] - Financial institutions are encouraged to adapt their asset-liability management and enhance resource allocation towards emerging industries, green development, and the pension industry to drive new business growth [7]