央行：社会融资已发生结构性变迁

Core Viewpoint - The financing structure of enterprises in China is shifting from reliance on bank loans to a more diversified approach that includes bonds and stocks, reflecting changes in the economic and financial landscape [1][2]. Financing Structure - As of October 2025, the cumulative increase in social financing reached 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year. The increase in RMB loans to the real economy was 14.52 trillion yuan, a decrease of 1.16 trillion yuan year-on-year [1]. - Net financing through corporate bonds was 1.82 trillion yuan, an increase of 136.1 billion yuan year-on-year, while government bonds saw net financing of 11.95 trillion yuan, up 372 billion yuan year-on-year [1]. - Other financing methods, excluding loans, accounted for over half of the total social financing increase this year, with government bonds nearing a 40% share [1]. Monetary Policy and Economic Indicators - M2 (broad money) balance reached 335.13 trillion yuan at the end of October, with a year-on-year growth of 8.2%. M1 (narrow money) balance was 112 trillion yuan, growing by 6.2% year-on-year [4]. - The M1-M2 spread was -2%, indicating a shift towards more funds being converted into demand deposits, reflecting increased business activity and consumer demand [4]. - The overall economic performance remains stable, with the composite PMI output index at 50.0% and the non-manufacturing business activity index at 50.1%, indicating expansion [6]. Loan Growth and Structure - In the first ten months, RMB loans increased by 14.97 trillion yuan, a decrease of 1.55 trillion yuan compared to the previous year. The loan interest rates have remained low, indicating a generally sufficient supply of credit resources [10]. - Corporate loans increased by 350 billion yuan in October, with a year-on-year increase of 220 billion yuan. However, there was a decrease in short-term loans by 190 billion yuan and a slight increase in medium to long-term loans [10]. - Residential loans decreased by 360.4 billion yuan in October, with both short-term and medium to long-term loans showing significant year-on-year reductions [11]. Future Outlook - The focus of future policies will be on boosting consumption and expanding domestic demand, with an emphasis on increasing social security spending, stabilizing employment, and improving income levels [12]. - The implementation of supportive policies for small and medium-sized enterprises is expected to enhance credit demand and improve the overall credit structure [12].