3月金融数据点评：政策工具充足，泰然应对“关税”

Economic Indicators - In March, the total social financing (TSF) stock growth rate rebounded to 8.4% year-on-year, while the credit growth rate under TSF increased to 7.2%[2] - The new TSF in March was 5.89 trillion RMB, with new RMB loans increasing by 3.64 trillion RMB[6] - M2 growth remained stable at 7.0% year-on-year[6] Policy Response - There are sufficient monetary and fiscal policy tools available to address the impact of tariffs, including interest rate cuts and accelerated government bond issuance[2][6] - The government plans to issue approximately 13.86 trillion RMB in new debt for 2025, with 4 trillion RMB issued in the first quarter[6] Credit Dynamics - The increase in credit was primarily supported by government bonds and short-term loans, with corporate medium- and long-term loans showing a slight decrease[6] - In March, corporate short-term loans increased by 460 billion RMB, while medium- and long-term loans decreased by 200 billion RMB[6] Risks and Uncertainties - Economic recovery may be weaker than expected, leading to lower credit growth and social financing stock growth[32] - The final implementation of tariff policies remains uncertain, which could affect domestic economic conditions[32]