值得关注的是，普惠小微信用贷款占比提高，融资便利性有效提升。近年来，中国人民银行推动金融机 构不断提升金融服务能力，更好地帮助小微企业解决缺抵押、融资难的问题。数据显示，截至6月末， 普惠小微贷款中，信用贷款占比近三成，比上季度末高0.7个百分点。 在聚焦普惠小微的同时，中国人民银行持续完善政策框架，加大对中小企业尤其是科技型中小企业的支 持力度。截至6月末，科技型中小企业贷款余额达3.5万亿元，同比增长22.9%，远高于整体贷款增速。 从覆盖范围来看，获得贷款支持的科技型中小企业已达27.4万家，获贷率（获贷企业户数与名录内企业 总户数之比）达50%，为科技型中小企业攻克技术难关、实现成果转化注入了强劲金融动力。 "央行一系列支持举措正全方位为小微企业特别是科技型中小企业赋能，未来随着相关政策持续落地显 效，金融活水将更精准、更高效地流向实体经济薄弱环节，为经济高质量发展提供有力支撑。"业内专 家表示。 近年来，中国人民银行按照党中央、国务院决策部署，将支持普惠小微等领域发展作为金融服务实体经 济的重要抓手，从政策引导、资金支持到能力建设多管齐下，持续健全金融支持体制机制，不断提升企 业融资的可得性、普惠性 ...

Core Insights - The People's Bank of China reported that as of the end of June, the balance of inclusive micro and small loans reached 35.6 trillion yuan, reflecting a year-on-year growth of 12.3%, which is 5.2 percentage points higher than the growth rate of all loans during the same period [1] Group 1 - The increase in inclusive micro and small loans in the first half of the year was 2.6 trillion yuan, indicating a significant rise [1] - The weighted average interest rate for newly issued inclusive micro and small enterprise loans in June was 3.48%, down 12 basis points from March and down 66 basis points from the same period last year [1] - The proportion of credit loans within inclusive micro and small loans increased to nearly 30%, up 0.7 percentage points from the end of the previous quarter, enhancing financing convenience [1] Group 2 - The People's Bank of China is continuously improving the policy framework to increase support for small and medium-sized enterprises, particularly technology-based SMEs [1] - As of the end of June, the balance of loans to technology-based SMEs reached 3.5 trillion yuan, with a year-on-year growth of 22.9% [1] - A total of 274,000 technology-based SMEs received loan support, with a loan acquisition rate of 50% [1]

Core Insights - The balance of inclusive micro loans in China reached 35.6 trillion yuan by the end of June, showing a year-on-year growth of 12.3%, which is 0.1 percentage points higher than the end of the first quarter and 5.2 percentage points higher than the growth rate of all loans during the same period [1] Group 1 - The inclusive micro loans increased by 2.6 trillion yuan in the first half of the year, indicating a significant rise [1] - The weighted average interest rate for newly issued inclusive micro enterprise loans was 3.48% in June, down 12 basis points from March and down 66 basis points from the same period last year [1] - The proportion of inclusive micro credit loans has increased, enhancing financing convenience for small and micro enterprises [1] Group 2 - The People's Bank of China is continuously improving the policy framework and increasing support for small and medium-sized enterprises, especially technology-based SMEs [1] - By the end of June, the balance of loans to technology-based SMEs was 3.5 trillion yuan, with a year-on-year growth of 22.9% [1] - A total of 274,000 technology-based SMEs received loan support, with a loan acquisition rate of 50% [1]

Core Insights - The People's Bank of China reported a rapid growth in inclusive micro and small loans in the first half of the year, with a balance of 35.6 trillion yuan as of June 2025, representing a year-on-year increase of 12.3%, which is 5.2 percentage points higher than the growth rate of all loans during the same period [1] Group 1 - The inclusive micro and small loans increased by 2.6 trillion yuan in the first half of the year, indicating a significant rise [1] - The financing cost for inclusive micro and small enterprises continues to decline, with the weighted average interest rate for newly issued loans at 3.48% as of June 2025, down 12 basis points from March and 66 basis points from the same period last year [1] - The proportion of credit loans within inclusive micro and small loans has increased, helping to address issues related to collateral and financing difficulties for small enterprises, with nearly 30% of these loans being credit loans as of June, an increase of 0.7 percentage points from the previous quarter [1] Group 2 - There is an increased support for small and medium-sized enterprises, particularly technology-based SMEs, with a loan balance of 3.5 trillion yuan as of June 2025, reflecting a year-on-year growth of 22.9% [1] - A total of 274,000 technology-based SMEs received loan support, with a loan approval rate of 50% [1]

Core Insights - The People's Bank of China reported that inclusive micro and small loans experienced rapid growth in the first half of the year, with a balance of 35.6 trillion yuan as of June 2025, representing a year-on-year increase of 12.3%, which is 5.2 percentage points higher than the growth rate of all loans during the same period [1] Group 1 - The total increase in inclusive micro and small loans for the first half of the year was 2.6 trillion yuan, indicating a significant rise [1] - The financing costs for inclusive micro and small enterprises have continued to decline, with the weighted average interest rate for newly issued loans at 3.48% as of June 2025, down 12 basis points from March and down 66 basis points from the same period last year [1] - The proportion of credit loans within inclusive micro and small loans has increased, helping to address issues related to collateral and financing difficulties for small enterprises, with nearly 30% of the loans being credit-based as of June, an increase of 0.7 percentage points from the previous quarter [1] Group 2 - There has been an increased focus on supporting small and medium-sized enterprises, particularly technology-based SMEs, with a loan balance of 3.5 trillion yuan for technology-based SMEs as of June 2025, reflecting a year-on-year growth of 22.9% [1] - A total of 274,000 technology-based SMEs received loan support, with a loan approval rate of 50% [1]

Core Insights - The People's Bank of China (PBOC) emphasizes the importance of inclusive finance for small businesses and the general public, which remains a focal point for financial regulatory authorities [1][2] - As of June, the balance of inclusive micro and small loans in China reached 35.6 trillion yuan, marking a year-on-year growth of 12.3%, which is 5.2 percentage points higher than the overall loan growth rate [1] - The average interest rate for newly issued inclusive micro and small enterprise loans in June was 3.48%, a decrease of 12 basis points from March and 66 basis points from the same period last year [1] Group 1 - The PBOC's ongoing focus on the inclusive micro and small finance sector has led to a significant increase in loans, with 2.6 trillion yuan added in the first half of the year [1] - The proportion of credit loans within inclusive micro and small loans has risen to nearly 30%, indicating a reduction in financing difficulties for small enterprises lacking collateral [1] - The PBOC is committed to implementing a moderately loose monetary policy to support technological innovation, boost consumption, and stabilize foreign trade, aiming for high-quality economic development [2] Group 2 - The balance of loans for technology-oriented small and medium-sized enterprises reached 3.5 trillion yuan by the end of June, reflecting a year-on-year increase of 22.9% [2] - Approximately 274,000 technology-oriented small and medium-sized enterprises received loan support, with a loan acquisition rate of 50% [2] - The PBOC aims to enhance the professional and refined level of financial services provided by financial institutions, particularly in key areas such as technology innovation and financing support for critical sectors [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support economic growth and financial stability, focusing on key areas such as technology innovation, consumption, small and micro enterprises, and foreign trade [1][4]. Group 1: Monetary Policy Implementation - The PBOC has implemented a moderately accommodative monetary policy since 2025, utilizing various monetary policy tools to maintain ample liquidity and lower financing costs [1][4]. - The central bank aims to enhance the execution of monetary policy measures, ensuring effective transmission and improving the implementation outcomes [4]. - The PBOC plans to continue using liquidity injection tools such as reverse repos and medium-term lending facilities (MLF) to create a conducive monetary environment [5]. Group 2: Support for Small and Micro Enterprises - As of June, loans to small and micro enterprises reached 35.6 trillion yuan, growing by 12.3% year-on-year, indicating a robust increase in financial support for these entities [2]. - The PBOC has successfully encouraged financial institutions to provide credit to small and micro enterprises, with a significant portion of loans being unsecured, addressing the challenges of collateral and financing difficulties [2]. - The weighted average interest rate for newly issued loans to small and micro enterprises was 3.48% in June, reflecting a decline of 12 basis points from March and 66 basis points from the previous year [2]. Group 3: Financial Sector Reforms and Risk Management - The PBOC is focused on deepening financial reforms and high-level opening-up while preventing and mitigating financial risks in key areas [1][4]. - The central bank is enhancing supervision and risk prevention in electronic invoicing for accounts receivable, aiming to address structural contradictions in key industries [6]. - The PBOC is also addressing "involution" in the financial sector, with major banks expected to follow suit in promoting healthy competition [6]. Group 4: Internationalization of the Renminbi - The PBOC is accelerating the use of the renminbi in trade settlements, enhancing its role as a financing currency and optimizing policies for domestic enterprises listed abroad [6]. - The internationalization of the renminbi is seen as a historical opportunity, with suggestions to encourage exporters to settle trade in renminbi through favorable policies [6]. - Amidst a weakening dollar credit and increased volatility in international financial markets, renminbi assets are becoming an important option for global investors seeking to diversify and enhance returns [6].

Core Insights - The People's Bank of China (PBOC) reported a 12.3% year-on-year growth in inclusive micro and small enterprise loans as of June, with an increase of 2.6 trillion yuan in the first half of the year, indicating strong support for the sector [1][2] Group 1: Loan Growth and Policy Support - Inclusive micro and small loans have outpaced overall loan growth by 5.2 percentage points, reflecting effective policy measures by the PBOC [1] - The PBOC has implemented various policies to enhance financial support for micro and small enterprises, improving the accessibility and convenience of financing [1] - The average interest rate for newly issued inclusive micro and small enterprise loans was 3.48% in June, down 12 basis points from March and 66 basis points from the previous year [1] Group 2: Credit Loan Proportion and Support for Tech SMEs - The proportion of credit loans within inclusive micro and small loans has increased to nearly 30%, improving financing convenience [2] - Loans to technology-based small and medium enterprises reached 3.5 trillion yuan, growing by 22.9% year-on-year, significantly higher than the overall loan growth rate [2] - The loan coverage for technology-based SMEs has reached 274,000, with a loan acquisition rate of 50%, providing strong financial support for overcoming technical challenges [2]

Core Insights - The People's Bank of China (PBOC) is enhancing financial support mechanisms focusing on inclusive financing for small and micro enterprises, aiming to improve accessibility, inclusiveness, and convenience of financing [1] Group 1: Inclusive Financing for Small and Micro Enterprises - Inclusive micro and small loans have shown rapid growth, with a balance of 35.6 trillion yuan as of the end of June, representing a year-on-year increase of 12.3%, which is 5.2 percentage points higher than the growth rate of all loans [1] - The cost of financing for small and micro enterprises is decreasing, with the weighted average interest rate for newly issued loans at 3.48% in June, down 12 basis points from March and 66 basis points from the same period last year [1] - The proportion of credit loans within inclusive micro and small loans has increased to nearly 30%, up 0.7 percentage points from the end of the previous quarter, enhancing financing convenience [1] Group 2: Support for Technology-Based Small and Medium Enterprises - The PBOC is intensifying support for small and medium-sized enterprises, particularly technology-based ones, with a loan balance of 3.5 trillion yuan as of the end of June, reflecting a year-on-year growth of 22.9% [2] - A total of 274,000 technology-based small and medium enterprises have received loan support, with a loan acquisition rate of 50% [2]

从投向看，金融资源更多流向国民经济薄弱环节。上半年，普惠小微贷款增加2.63万亿元；单户授信小 于500万元的农户经营性贷款增加3516亿元。6月末，助学贷款余额2677亿元，同比增长28.4%；涉农贷 款余额53.19万亿元，同比增长7.4%，均高于金融机构人民币各项贷款增速。 此外，国民经济重点领域信贷保持较快增长。今年以来，绿色贷款增加较多。6月末，绿色贷款余额 42.39万亿元，比年初增长14.4%。与此同时，科技型中小企业贷款、高新技术企业贷款呈现"量增、面 扩"等特点，贷款余额同比增速分别为22.9%和8.2%，获贷率分别为50.0%和57.6%，比去年同期分别高 3.2和1个百分点。(记者吴雨、任军) 上半年，企事业单位贷款是信贷增长主体。中国人民银行发布的金融机构贷款投向统计报告显示，上半 年，本外币企事业单位贷款增加11.5万亿元，占全部新增贷款的近九成。其中，中长期贷款增加7.08万 亿元，表明金融持续为实体经济提供稳定的资金来源。 中国人民银行日前发布的数据显示，今年以来，我国普惠小微贷款增长较快。6月末，我国普惠小微贷 款余额35.57万亿元，同比增长12.3%，增速比各项贷款高5.2 ...