Xinhua News Agency, Beijing, November 14 Question: Total credit volume was stable in October, supporting the real economy and continuing
Xinhua News Agency reporter Wu Yu
Data recently released by the People’s Bank of China showed that RMB loans increased by 738.4 billion yuan in October, an increase of 105.8 billion yuan year-on-year. Experts said that in the “small month” of credit at the beginning of the quarter, the total amount of credit remained stable, and financial resources continued to flow to more demanding and dynamic areas of the real economy, providing strong support for economic recovery and development.
Data show that at the end of October, my country’s social financing stock was 374.17 trillion yuan, a year-on-year increase of 9.3%; in October, RMB loans issued to the real economy increased by 483.7 billion yuan, an increase of 23.2 billion yuan year-on-year.
Wen Bin, chief economist of China Minsheng Bank, said that October is often a “small month” for loan disbursement. With the support of corporate loans, bill financing and loans from non-banking financial institutions, credit disbursement in October this year remained at a relatively high level over the same period. , credit growth is reasonable and stable, and continues to support the stable growth of the real economy.
Data show that in October, loans to enterprises (institutions) increased by 516.3 billion yuan, a year-on-year increase of 53.7 billion yuan, still the main force in credit growth; bill financing and loans from non-banking financial institutions increased by 317.6 billion yuan and 208.8 billion yuan respectively. .
A bank employee counts money.Xinhua News Agency
Entering 2023, my country’s economy is still in the process of recovery, credit demand has slowed down, it is more difficult to issue loans stably and sustainably, and the challenges of stabilizing currency and credit are increasing. The People’s Bank of China uses a variety of monetary policy tools to maintain reasonably sufficient liquidity and guide financial institutions to enhance the stability and sustainability of credit growth.
Pan Gongsheng, governor of the People’s Bank of China, recently introduced that at present, the loan balance of my country’s banking system exceeds 200 trillion yuan, and the balance of social financing scale exceeds 300 trillion yuan. Revitalizing existing loans, improving the efficiency of existing loans, and optimizing the direction of new loans are equally important to support economic growth.
Experts believe that credit supply was generally stable in October, but issues such as the need for further optimization of the credit structure have attracted the attention of many market participants.
Wang Qing, chief macroeconomic analyst at Oriental Jincheng, said that household loans decreased by 34.6 billion yuan in October, with short-term loans declining more. However, it is worth mentioning that in October, new medium- and long-term loans to households were 70.7 billion yuan, an increase of 37.5 billion yuan year-on-year. The interest rate adjustment for existing first-home mortgages was implemented, and the phenomenon of early loan repayments was alleviated, which also provided support for residents’ medium and long-term loans that month.
A relevant person from the Monetary Policy Department of the People’s Bank of China said that the interest rate adjustment for the 22 trillion yuan in existing first-home loans has been basically completed, saving 50 million households 160 billion to 170 billion yuan in interest every year. The decline in existing mortgage interest rates can effectively reduce residents’ interest payments, improve residents’ spending power, and contribute to the steady growth of consumption.
From the perspective of money supply, at the end of October, the balance of my country’s broad money (M2) increased by 10.3% year-on-year, and the growth rate was the same as the end of last month; the balance of narrow money (M1) increased by 1.9% year-on-year, and the growth rate was 0.2 percentage points lower than the end of last month.
“The ‘scissor gap’ between M2 and M1 expanded to 8.4 percentage points, showing that corporate expectations and investment demand need to be further boosted.” Wang Qing said that our country is in a critical period of economic recovery, transformation and upgrading, and requires financial efforts to continue to improve the economy. Endogenous growth momentum.
The Central Financial Work Conference held recently made arrangements for financial work at present and in the future. Pan Gongsheng said that the People’s Bank of China will always maintain the stability of monetary policy, support the stable growth of the real economy, and continue to increase support for major strategies, key areas and weak links. Make good use of relending, rediscounting and inclusive small and micro loan support tools to support agriculture and small businesses, continue to implement carbon emission reduction support tools, special relending to support technological progress of enterprises, special relending to inclusive elderly care, etc., support scientific and technological innovation, private small and micro businesses, etc. We will ensure the healthy development of micro, advanced manufacturing, green development, inclusive elderly care and other fields, and do a good job in the “five major articles”.
Wen Bin said that as the financial system implements the spirit of the Central Financial Work Conference, the quality and efficiency of loan is expected to be further improved, key areas and weak links with increased structural policy tools will receive strong support, and the channels for funds to enter the real economy will become increasingly large. smooth flow, supporting the continued recovery of economic growth and the steady advancement of high-quality development.