金融机构中长期贷款投放降速，票据融资来“冲量”

Core Viewpoint - The central theme of the article highlights the slowdown in credit growth and the changing structure of loans in China's financial institutions, indicating a shift towards more balanced and targeted lending practices [1][5]. Group 1: Loan Growth and Trends - As of the end of Q1 2025, the total RMB loan balance reached 265.41 trillion yuan, reflecting a year-on-year growth of 7.4%, which is a decrease of 2.2 percentage points compared to the same period in 2024 [1]. - The year-on-year growth rate of medium and long-term loans has dropped to single digits at 8.7%, marking the first time in five years that it is lower than the growth rate of short-term loans and bill financing, which stands at 9.3% [2][3]. - The short-term loan and bill financing balance reached 60.69 trillion yuan, with a year-on-year growth of 9.3%, while medium and long-term loans totaled 115.24 trillion yuan, growing by 8.7% [3]. Group 2: Changes in Loan Structure - The data indicates a significant reduction in the discounting of bills, with the total market commercial bill discount balance at 14.6 trillion yuan by the end of March 2025, down 0.2 trillion yuan from the end of 2024, contrasting with a larger decline of 1.2 trillion yuan in the previous year [3]. - Major banks like ICBC, CCB, and ABC have seen substantial increases in their bill discounting balances, with growth rates of 80.38%, 94.96%, and 109.97% respectively, although there has been a reduction in bill discounting by CCB and ABC in Q1 2025 compared to 2024 [4]. Group 3: Credit Structure Transformation - The overall credit growth has slowed, with April 2025 showing a significant decrease in new RMB loans, totaling only 844 billion yuan, which is 2.465 trillion yuan less than the same month last year [5]. - The structure of credit is evolving, particularly in areas such as inclusive small and micro loans, green loans, and loans supporting technological innovation, with inclusive small and micro loans growing by 12.2% year-on-year [6]. - The balance of loans to the agricultural sector reached 52.9 trillion yuan, growing by 8.4%, while loans to technology-based SMEs increased by 24%, indicating a shift in focus from traditional sectors like real estate to more sustainable and innovative areas [6].