国内观察：2024年5月金融数据：政府债发力支撑社融

Group 1: Financial Data Overview - In May 2024, M2 growth was 7.0%, down from 7.2% in April, while M1 growth improved to 4.2% from -1.4%[15] - New RMB loans in May totaled 950 billion yuan, a decrease of 410 billion yuan year-on-year[15] - The total social financing (社融) in May reached 2.07 trillion yuan, an increase of 513.2 billion yuan year-on-year, with a stock growth rate of 8.4%[15] Group 2: Government Bond Issuance - Government bond issuance accelerated, with net financing of 6.9129 billion yuan for national bonds in May, compared to 767.1 million yuan in the same month last year[16] - Local government special bonds saw net financing of 3.9241 billion yuan in May, up from 2.62408 billion yuan year-on-year[16] - Total government bond financing in May amounted to 12.253 billion yuan, a significant increase of 6.682 billion yuan year-on-year, marking it as the primary support for social financing[16] Group 3: Credit Demand and Structure - Corporate medium and long-term loans increased by 500 billion yuan in May, reflecting a weaker demand compared to post-pandemic levels[17] - Residential short-term loans added 243 billion yuan, while medium and long-term loans saw a decrease of 2.915 trillion yuan year-on-year, indicating weak consumer and housing demand[17] - The impact of "squeezing water" (挤水分) continues to affect deposit flows, with M1 growth declining to -4.2% and corporate deposits decreasing by 1.164 billion yuan year-on-year[5]