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5月金融数据出炉,最新解读来了
财联社·2025-06-13 09:57

Core Viewpoint - The article discusses the rapid growth of social financing in China, driven by government and corporate bond issuance, and highlights the increasing trend of bond financing as a substitute for bank loans [1][4]. Group 1: Social Financing Growth - As of May 2025, the total social financing stock reached 426.16 trillion yuan, with a year-on-year growth of 8.7%. The incremental social financing from January to May was 18.63 trillion yuan, which is 3.83 trillion yuan more than the previous year [1]. - In May alone, the incremental social financing was 2.29 trillion yuan, an increase of 224.7 billion yuan year-on-year [1]. Group 2: Bond Financing Trends - The cost of corporate bond issuance has been declining, with the average yield of 5-year AAA-rated corporate bonds falling to 1.97% in May, further decreasing from already low levels in April. This low-interest environment encourages companies to increase bond financing, thereby reducing overall financing costs [1]. - The article notes that nearly 90% of social financing consists of bonds and loans, which can substitute for each other to support economic stability [4]. Group 3: Impact of Government Policies - There has been a noticeable increase in local government bond issuance, with a year-on-year growth of 16.7% in national budget funds, which includes government bonds, compared to other funding sources like self-raised funds and domestic loans [5]. - Recent measures from the People's Bank of China and the China Securities Regulatory Commission aim to facilitate the issuance of technology innovation bonds, particularly benefiting private and tech enterprises [5]. Group 4: Loan Replacement by Bonds - The article highlights that special refinancing bonds are being issued to repay bank loans, with over 2 trillion yuan issued in the last quarter of the previous year and more than 1.6 trillion yuan this year, which corresponds to approximately 2.3 trillion yuan in loan replacements [4]. - Government bonds are increasingly replacing bank loans in financing infrastructure projects, indicating a shift in funding sources for such initiatives [4].