金融数据总量保持合理增长

Core Viewpoint - The People's Bank of China (PBOC) has been enhancing its monetary policy toolkit to support the transformation and upgrading of the economy, focusing on directing credit resources towards key strategic areas and weak links in the national economy [1][8]. Monetary Policy and Financial Data - As of November 2025, the broad money supply (M2) reached 336.99 trillion yuan, growing by 8.0% year-on-year, which is 0.9 percentage points higher than the previous year [1] - The narrow money supply (M1) stood at 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] - The total social financing stock was 440.07 trillion yuan, up 8.5% year-on-year, exceeding the previous year's growth by 0.7 percentage points [1] - From January to November, the increment in social financing was 33.39 trillion yuan, which is 3.99 trillion yuan more than the previous year [1] - The increase in RMB deposits was 24.73 trillion yuan, while RMB loans rose by 15.36 trillion yuan during the same period [1]. Fiscal Policy and Government Bonds - The macroeconomic policies have intensified counter-cyclical adjustments, positively impacting domestic demand and economic stability, thereby supporting reasonable growth in financial totals [3] - The total new government debt this year reached 11.86 trillion yuan, an increase of 2.9 trillion yuan from last year, with significant contributions from various types of government bonds [3] - The issuance of government bonds has been accelerated, with 1.3 trillion yuan of ultra-long-term special bonds fully issued, and 2 trillion yuan allocated for refinancing hidden debts [3] - The net financing of government bonds is expected to exceed 12 trillion yuan this year, accounting for 40% of the increase in social financing [3]. Coordination of Monetary and Fiscal Policies - The collaboration between monetary and fiscal policies has effectively stabilized market liquidity and provided funding assurance for major projects [4] - The PBOC's liquidity support has facilitated the smooth issuance of government bonds, maintaining stable market expectations [4] - The synergy between macro policies is crucial, producing a combined effect that supports growth and structural adjustments [4]. Direct Financing Development - The development of direct financing through equity and bonds is a clear directive in the 14th Five-Year Plan, aligning with the goal of building a strong financial nation [5] - Direct financing is characterized by risk-sharing and long-term partnerships, making it more suitable for high-growth and R&D-intensive sectors [5]. Loan Growth and Quality Improvement - By the end of November, the RMB loan balance was 271 trillion yuan, with a year-on-year growth of 6.4%, remaining above the nominal economic growth rate [6] - The average interest rate for newly issued corporate loans was approximately 3.1%, down about 30 basis points from the previous year [7] - The balance of inclusive small and micro loans reached 35.88 trillion yuan, growing by 11.4%, while medium to long-term loans for manufacturing increased by 7.7% [7]. Credit Structure Optimization - The PBOC has been guiding financial institutions to enhance the adaptability of financial products and services to the economic transformation [8] - Optimizing the credit structure is essential for achieving high-quality development and meeting the operational goals of banks [8].