2024年1月金融数据点评：私人部门融资放量

Credit Growth - In January, new RMB loans reached 4.92 trillion, a historical high for the same period, exceeding the five-year average by approximately 1.1 trillion[2] - The increase in long-term loans for residents was 627.2 billion, up by 404.1 billion year-on-year, returning to the average levels of 2017-2019[7] - New social financing amounted to 6.5 trillion, with a year-on-year increase of 506.1 billion[23] Market Dynamics - The government bond issuance slowed down in January, with new government bond financing at 294.7 billion, down by 119.3 billion year-on-year[8] - Corporate bond financing increased by 483.5 billion, up by 319.7 billion year-on-year, indicating a shift towards direct financing[8] - M2 growth rate dropped to 8.7%, primarily due to a significant decrease in resident deposits, which increased by 2.53 trillion but was down by 3.67 trillion year-on-year[19] Economic Indicators - M1 growth rate rose to 5.9%, reflecting a marginal increase in economic activity, up by 4.6 percentage points month-on-month[19] - Non-financial corporate loans increased by 3.86 trillion, down by 820 billion year-on-year, with medium and long-term loans at 3.31 trillion, down by 1900 billion[20] - The significant gap in broad liquidity (M2 minus social financing) is expected to narrow as seasonal factors dissipate post-Spring Festival[14]