2024年1月金融数据点评：1月信贷实现“开门红”，金融数据普遍超预期

Credit and Financing - In January 2024, new RMB loans amounted to 4.92 trillion, a year-on-year increase of 16.2 billion, marking a historical monthly high[1] - The total social financing scale in January reached 6.5 trillion, with a year-on-year increase of 506.1 billion, also a record high[1][15] - The structure of new social financing showed improvement, with government bond financing decreasing by 119.3 billion year-on-year, indicating a shift from a "government strong, enterprise weak" scenario[15][26] Monetary Supply - The broad money supply (M2) grew by 8.7% year-on-year at the end of January, down 1 percentage point from the previous month[1][27] - The narrow money supply (M1) saw a significant increase of 5.9%, up 4.6 percentage points from the previous month, driven by the activation of corporate deposits before the Spring Festival[1][17] Economic Policy and Outlook - The continuous implementation of stable growth policies is aimed at reversing the contraction in the official manufacturing PMI index, which has been in a contraction zone for four consecutive months[12][26] - Future structural monetary policy tools will focus on supporting weak sectors of the economy, including small and micro enterprises, the real estate industry, and key areas like technological innovation and green development[8][26]