央行：2025年社融规模增量35.6万亿元，M2增长8.5% 继续实施适度宽松的货币政策

Core Insights - The People's Bank of China has implemented a moderately accommodative monetary policy since 2025, maintaining ample liquidity and supporting the recovery of the economy [3] - By the end of 2025, the social financing scale and M2 money supply in China grew by 8.3% and 8.5% year-on-year, respectively, outpacing economic growth and CPI targets by approximately 1.3 and 1.5 percentage points [3][4] - The total social financing increment for 2025 reached 35.6 trillion yuan, effectively meeting the funding needs of the real economy [3] Financing Structure - Direct financing accounted for 46.9% of the social financing increment, totaling 16.7 trillion yuan, which is 7.8 percentage points higher than the last year of the 13th Five-Year Plan (2020) [4] - Net financing from government bonds was 13.84 trillion yuan, an increase of 2.54 trillion yuan from the previous year [4] - Non-financial corporate bond net financing reached 2.39 trillion yuan, up by 482.5 billion yuan year-on-year, while non-financial corporate stock financing was 476.3 billion yuan, an increase of 186.3 billion yuan [4] - Financial institutions issued 15.91 trillion yuan in RMB loans to the real economy, with off-balance-sheet financing also showing positive growth [4] M2 and Deposits - By the end of 2025, M2 balance was 340.29 trillion yuan, with an 8.5% year-on-year growth, which is 0.5 percentage points higher than the previous month and 1.2 percentage points higher than the same period last year [4] - Total new RMB deposits in 2025 amounted to 26.4 trillion yuan, with household deposits increasing by 14.6 trillion yuan and non-financial corporate deposits growing by 2.3 trillion yuan [5][6] - Asset management products reached a total asset value of 119.9 trillion yuan, growing by 13.1% year-on-year, influencing the deposit structure [6] Future Outlook - The People's Bank of China plans to continue implementing a moderately accommodative monetary policy to align the growth of social financing and money supply with economic growth and price level expectations, providing strong financial support for the "14th Five-Year Plan" [6]