2025年度金融数据及国新办新闻发布会点评：勘误版：勘误版结构性“降息”先行、新年贷款“开门红”可期

Group 1: Financial Data Overview - In December 2025, the new social financing (社融) was 220.75 billion RMB, a year-on-year decrease of 646.2 billion RMB[1] - The total social financing for 2025 was 3.56 trillion RMB, an increase of 334 billion RMB compared to the previous year[1] - By the end of 2025, the stock of social financing grew by 8.3% year-on-year[1] Group 2: Loan and Financing Trends - In December 2025, RMB loans increased by 910 billion RMB, a year-on-year decrease of 80 billion RMB[2] - Corporate loans rose by 1.07 trillion RMB, an increase of 580 billion RMB year-on-year[2] - The proportion of direct financing (including corporate bonds and stock financing) in new social financing reached 46.92%, up by 5.08 percentage points from 2024[1] Group 3: Monetary Supply and Policy - By the end of 2025, M1 grew by 3.8% year-on-year, while M2 increased by 8.5%[3] - The gap between M2 and M1 expanded to 4.70%[3] - The People's Bank of China (PBOC) implemented a targeted interest rate cut of 0.25 percentage points, reducing the one-year re-lending rate to 1.25%[4] Group 4: Economic Outlook and Risks - The PBOC indicated that there is still room for further interest rate cuts and reserve requirement ratio (RRR) reductions in 2026[6] - The demand for loans is expected to improve, with corporate bond financing showing strong performance[6] - Risks include potential impacts from overseas economic policies and the transmission of easing effects from a series of incremental policies[7]