China News Service, July 10 Ruan Jianhong, director of the investigation and statistics department of the People's Bank of China, said on the 10th that China's economic operation is currently basically stable, the supply and demand sides are generally balanced, and the monetary policy is also stable and more Flexible and moderate. It should be said that there is no basis for long-term inflation or deflation in the Chinese economy.
On July 10, the People's Bank of China held a press conference for financial statistics in the first half of 2020, and released and interpreted financial statistics for the first half of 2020. Ruan Jianhong disclosed the above information at the press conference.
A reporter asked: We have noticed that the growth rate of M2 and social financing in the first half of this year are significantly higher than last year. How should we view this situation? In particular, is there any expectation of inflation and rising housing prices in this situation? The current society is also more concerned about the trend of M2 and social financing scale in the second half of the year?
Ruan Jianhong said that from the reported data, it can be seen that the financial support for the real economy in the first half of the year was relatively large, and it continued to increase. The specific performance saw the aggregate indicators of broad money supply and social financing scale. The growth rate is significantly higher than last year, and the mobility of the whole society is reasonably sufficient. From the specific data, first look at the broad money supply. At the end of June, the year-on-year growth of M2 was 11.1%. To break down the total amount of broad money supply, is to look at the main body of the composition. The policy of ensuring employment in the first half of the year was overweight. This policy ensured that the income of residents remained stable. So from the financial point of view, it can be seen that household deposits increased by 1.51 trillion yuan year-on-year.
From the perspective of the enterprise sector, the financial system has implemented policies to stabilize enterprises, and increased support for enterprises. Deposits of enterprises increased by 3.44 trillion yuan in the first half of the year. In addition, fiscal policy and monetary policy are also closely coordinated, and the support of fiscal policy is also increasing. The speed of fiscal deposits and deposits and expenditures of government deposits and institutions are increasing. The deposits of these two have increased slightly in the first half of the year 929.9 billion yuan.
Looking at M1 in a narrow sense, the year-on-year growth of M1 at the end of June was 6.5%. This growth rate was 0.3 percentage points lower than that at the end of last month and 2.1 percentage points higher than the same period last year. In terms of the amount of money in a narrow sense, unit demand deposits in the first half of the year increased by 966 billion yuan year-on-year, which means that the unit's liquidity increased more than the same period last year. The excess reserve ratio of the entire commercial bank and financial institution is 1.6%, which is 0.4 percentage points lower than the same period last year. It should be said that the current monetary policy transmission mechanism is more smooth and the transmission efficiency has been significantly improved. The currency multiplier is 6.92, which is 0.79 higher than the same period last year and is at a historically high level. On the whole, the total financial volume in the first half of the year is sufficient, and the efficiency of serving the real economy is relatively high, effectively supporting the prevention and control of epidemics and economic and social development.
Ruan Jianhong believes that the current economic operation of my country is basically stable, the supply and demand sides are generally balanced, and the monetary policy is also stable and more flexible and moderate. It should be said that there is no basis for long-term inflation or deflation in our economy.
In response to the situation of real estate that everyone cares about, Ruan Jianhong said that from the monitoring of the Central Bank, real estate financing is also maintaining a relatively stable state. At the end of May, the growth rate of full-caliber real estate financing was 10.3%, which is higher than the social financing scale of the same period. The growth rate is 2.2 percentage points lower.
Ruan Jianhong revealed that in the second half of the year, the financial system will continue to do a good job of "six stability", implement the "six guarantees" task, and increase financial support for stabilizing enterprises and securing employment. It is expected that the scale of M2 and social financing will maintain steady growth.