Xinhua News Agency, Beijing, April 11th Topic: Prioritizing credit supply and promoting a reasonable increase in the total amount of money and credit——A look at the main financial data in the first quarter
Xinhua News Agency reporter Wu Yu
10.6 trillion yuan! my country’s first-quarter financial statistics were released on the 11th, and my country’s new RMB loans in the first quarter hit a new high. Experts believe that in the first quarter, financial support was first launched, and the supply and demand of credit showed a booming situation, which will help consolidate the positive momentum of expansion and further promote the continued overall improvement of economic operation.
According to data released by the People’s Bank of China on the same day, my country’s RMB loans increased by 10.6 trillion yuan in the first quarter, an increase of 2.27 trillion yuan year-on-year. Among them, RMB loans increased by 3.89 trillion yuan in March, an increase of 749.7 billion yuan year-on-year.
The first quarter is often the peak season for bank lending. Wen Bin, Chief Economist of China Minsheng Bank, believes that new RMB loans hit a new high in the first quarter of this year, which is behind the continued improvement of the economy and the rebound in demand for corporate loans. With the support of financial institutions’ credit extension, the process of resuming work and production of enterprises has accelerated.
This is also confirmed in the banker survey report released by the People’s Bank of China recently. The report shows that in the first quarter, my country’s overall loan demand index was 78.4%, an increase of 19 percentage points from the previous quarter and an increase of 6.1 percentage points from the same period of the previous year.
At the same time, the credit structure further improved in the first quarter. Data show that in the first quarter, loans to enterprises (institutions) increased by 8.99 trillion yuan, of which medium and long-term loans increased by 6.68 trillion yuan; household loans increased by 1.71 trillion yuan, of which the increase exceeded 1.24 trillion yuan in March.
Wang Qing, Chief Macro Analyst of Oriental Jincheng, said that driven by the rapid growth of infrastructure investment and manufacturing investment, corporate medium and long-term loans increased year-on-year, becoming the main force driving credit growth in the first quarter. At the same time, household loans increased significantly in March, and household credit improved significantly.
The survey report on urban depositors previously released by the People’s Bank of China also showed that in the first quarter, 23.2% of residents tended to “consume more”, an increase of 0.5 percentage points from the previous quarter; residents who tended to “invest more” accounted for 18.8%. An increase of 3.3 percentage points from the previous quarter.
The pace of credit extension by commercial banks has accelerated, which has pushed broad money (M2) to continue to maintain a reasonable and sufficient supply. Data show that the M2 balance at the end of March was 281.46 trillion yuan, a year-on-year increase of 12.7%, 0.2 percentage points lower than the end of the previous month, and 3 percentage points higher than the same period last year.
Dong Ximiao, chief researcher of China Merchants Union, said that in the first quarter, credit maintained a rapid growth, and the derived currency increased accordingly, and the M2 growth rate remained at a high level. This shows that the prudent monetary policy is precise and powerful, the market liquidity is relatively abundant, and the financial support for the real economy is relatively strong.
This is also reflected in the social finance data released on the 11th. The data shows that the cumulative increase in social financing scale in the first quarter was 14.53 trillion yuan, 2.47 trillion yuan more than the same period last year; RMB loans issued to the real economy accounted for 73.6% of the social financing scale in the same period, an increase of 4.5 percentage points year-on-year.
“From the financial data in the first quarter, it can be seen that the current entity’s financing needs continue to recover, banks’ credit extension initiatives have increased, and growth stabilization policies are continuing to exert force, which will help further stabilize market expectations and boost development confidence.” Wen Bin said, The stable growth of loans and reasonable and sufficient liquidity will create a favorable financial environment for the stable operation of the economy and the continued overall improvement.
Experts suggest that the next step is to maintain the stability and continuity of macro policies, enhance the flexibility and precision of policy measures, and continue to take resolute and forceful measures to boost the confidence and expectations of business entities. It is necessary to ensure that liquidity is more accurately drip-irrigated to key areas and weak links, increase support for small and micro enterprises, technological innovation, and green development, and accelerate the continued overall improvement of economic operation.
