2025年5月金融数据点评：5月隐债置换继续下拉新增贷款数据，稳增长发力带动新增社融连续第6个月同比多增

Loan Data Analysis - In May 2025, new RMB loans amounted to 620 billion, a year-on-year decrease of 330 billion, marking a record low growth rate of 7.1%[4][7] - Corporate loans decreased by 210 billion year-on-year, with medium to long-term corporate loans down by 170 billion, primarily due to local government debt replacement[8][9] - In contrast, short-term corporate loans increased by 230 billion year-on-year, driven by a low base from the previous year[9] Social Financing Insights - New social financing in May reached 22,894 billion, a year-on-year increase of 2,271 billion, continuing a trend of six consecutive months of year-on-year growth[4][11] - Government bond financing significantly contributed to social financing growth, with a year-on-year increase of 2,367 billion in May[11][12] - Corporate bond financing also rose by 1,211 billion year-on-year, aided by lower bond issuance rates and the launch of technology innovation bonds[12] Monetary Policy and Economic Outlook - The M2 money supply grew by 7.9% year-on-year, slightly down by 0.1 percentage points from the previous month, indicating strong financial support for the real economy[4][14] - The central bank is expected to continue implementing interest rate cuts and reserve requirement ratio reductions in the second half of the year to stimulate domestic demand[15] - Overall, the financial support for the real economy is anticipated to strengthen, with expectations for new loans and social financing to show significant year-on-year growth in the latter half of 2025[15]