2023-10-13 15:43:23
Xinhua News Agency, Beijing, October 13Title: News analysis: In the third quarter, the “combination of financial support” and strong policy continued to be effective
Xinhua News Agency reporters Wu Yu and Zhang Qianqian
Financial statistics released by the People’s Bank of China on the 13th showed that the growth momentum of new loans in September picked up significantly compared with the previous two months. In the first three quarters, RMB loans increased by 19.75 trillion yuan, an increase of 1.58 trillion yuan year-on-year. The People’s Bank of China stated that financial support was solid and strong in the third quarter, the effect of the policy “combination punch” continued to show, and the economic and financial cycle continued to be smooth.
Data show that in September, my country’s RMB loans increased by 2.31 trillion yuan, a significant month-on-month increase; at the end of September, broad money supply (M2), social financing scale stock, and RMB loans increased by 10.3%, 9%, and 10.9% year-on-year respectively. %. In the first three quarters, the scale of social financing increased by 29.33 trillion yuan, 1.41 trillion yuan more than the same period last year.
The picture shows the head office building of the People’s Bank of China.Xinhua News Agency
“Financial data in the first three quarters show that liquidity is reasonably abundant, the credit structure continues to be optimized, and the financing costs of the real economy have dropped, providing a suitable monetary and financial environment for economic recovery.” Ruan Jianhong, director of the Survey and Statistics Department of the People’s Bank of China, said at a news conference that day The press conference stated that since the beginning of this year, the credit structure has continued to be optimized, financial support has become more precise and powerful, and support has been continuously increased for key areas and weak links of the national economy such as manufacturing, inclusive finance, technological innovation, and infrastructure construction.
The reporter learned from the People’s Bank of China that at the end of September, the balance of medium and long-term loans in the manufacturing industry increased by 38.2% year-on-year, the balance of medium- and long-term loans in the infrastructure industry increased by 15.1% year-on-year, and the balance of “specialized, special and new” small and medium-sized enterprises increased by 18.6% year-on-year. The balance of Hui small and micro loans increased by 24.1% year-on-year, which was 27.3 percentage points, 4.2 percentage points, 7.7 percentage points and 13.2 percentage points higher than the growth rate of various loans respectively.
From a structural perspective, corporate loans, especially mid- and long-term corporate loans, have increased significantly, which provides relatively sufficient financial support for stabilizing investment.
Ruan Jianhong introduced that in the first three quarters, loans to enterprises (institutions) increased by 15.68 trillion yuan, an increase of 1.2 trillion yuan year-on-year, which was the main force in the increase in loans. Among them, medium and long-term loans increased by 11.88 trillion yuan, an increase of 3.23 trillion yuan year-on-year. In addition, household loans increased by 3.85 trillion yuan in the first three quarters, an increase of 349.9 billion yuan year-on-year. Among them, household operating loans increased significantly, which was the main driving force for the year-on-year increase in household loans.
Since the third quarter, the People’s Bank of China has intensively implemented a series of policy measures, which have played a positive role in promoting consumption, stabilizing investment, and expanding domestic demand.
“The effect of the policy ‘combination punch’ continues to show, and the economic and financial circulation continues to be smooth.” Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, said at the press conference that since this year, monetary and credit policies have fully played a guiding role, and financial services for small and micro enterprises have improved. Quality and efficiency have been improved, financial services for manufacturing and technological innovation have continued to advance, financial resources for rural revitalization have been invested more, and the development confidence of private enterprises has been strongly boosted.
Judging from credit data, there have been positive changes in the real estate market recently. According to reports, major banks issued more than 100 billion yuan more in real estate development loans and personal housing loans in September than in the previous month, maintaining a significant recovery trend. Credit funds have continued to increase their support for the completion of projects under construction and residential sales.
As the financial policy effects of promoting consumption and stabilizing investment continue to be released, positive factors for economic operation continue to accumulate, and market expectations are boosting. Ruan Jianhong introduced that in the third quarter, the household consumption expectation index compiled by the People’s Bank of China was 56.4%, an increase of 0.5 percentage points from the previous quarter, indicating that residents’ consumer confidence has rebounded; the corporate fixed asset investment index was 50.6%, an increase of 0.2 percentage points from the previous quarter. percentage points, indicating that companies’ willingness to invest has also picked up.
Zou Lan said that in the next stage, the People’s Bank of China will further implement a prudent monetary policy, closely observe the effects of early policies, and accelerate the implementation of policies. Monetary policy still has sufficient space and reserves to respond to unexpected challenges and changes, and will continue to make countercyclical adjustments to create a suitable monetary and financial environment for activating the endogenous power and vitality of the economy.
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[Editor in charge: Feng Li]
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