In the first half of the year, 12.09 trillion yuan was added-

　　Credit strongly supports the development of the real economy (Ruijing)

　　Our reporter Xu Peiyu

　　"People's Daily Overseas Edition" (03rd Edition, July 13, 2020)

　　The People's Bank of China released financial statistics for the first half of 2020 on July 10. The data shows that the scale of social financing, the balance of M2 and the balance of RMB loans in the first half of the year have all increased rapidly, providing strong support for the real economy, and also showing that the Chinese economy is gradually returning to the right track. The person in charge of the People's Bank of China said that the current Chinese economy is basically stable, the monetary policy is stable and more flexible and moderate, and there is no basis for long-term inflation or deflation in the economy. It is expected that the overall economy will continue to improve in the second half of the year.

　　Support entities significantly improved

　　In the first half of the year, RMB loans increased by 12.09 trillion yuan, an increase of 2.42 trillion yuan year-on-year; at the end of June, the balance of RMB loans increased by 13.2% year-on-year, and the growth rate was 0.2 percentage points higher than the same period last year. At the end of June, the stock of social financing scale increased by 12.8% year-on-year, and the growth rate was 1.6 percentage points higher than that of the same period last year. In the first half of the year, the cumulative increase in social financing scale was 20.83 trillion yuan, 6.22 trillion yuan more than the same period last year. At the end of June, the balance of M2 was 213.49 trillion yuan, an increase of 11.1% year-on-year; the net cash investment in the first half of the year was 227 billion yuan.

　　Zhou Xuedong, a spokesman for the People’s Bank of China, analyzed: “The growth rates of these three sets of data are all greater than 10%. Compared with the previous growth rate of social finance and M2, it was around 8%. It can be seen that the economy recovered relatively quickly in the first half of the year.”

　　Ruan Jianhong, director of the investigation and statistics department of the People's Bank of China, believes that the growth rate of M2 and social financing in the first half of this year is higher than that of the same period last year, showing that the current social mobility of the whole society is reasonably sufficient, and financial support for the real economy is relatively strong and continues to increase. Big.

　　Statistics show that in the first half of the year, RMB loans issued to the real economy increased by 12.33 trillion yuan, an increase of 2.31 trillion yuan year-on-year, reaching the highest level in history. The direct financing of bonds and stocks provided by the financial market to the real economy has also increased significantly. In the first half of the year, corporate bond net financing was 3.33 trillion yuan, an increase of 1.76 trillion yuan year-on-year, close to the level of last year; non-financial corporate domestic equity financing was 246.1 billion yuan, an increase of 125.6 billion yuan year-on-year, and doubled from the same period last year; Discounted bank acceptance bills increased by 386.2 billion yuan, an increase of 425 billion yuan year-on-year. "These three types of direct financing accounted for 19.1% of the increase in the scale of social financing, and the proportion has increased significantly. The direct financing provided by the financial market to the real economy has increased significantly." Ruan Jianhong pointed out.

　　Credit resources are invested in key areas

　　In the first half of the year, where did credit go?

　　In terms of loan structure, most of the RMB loans in the first half of the year went to the real economy. In the first half of the year, loans to enterprises (institutions) increased by 8.77 trillion yuan, accounting for 72.6% of all new loans. Among them, short-term loans increased by 2.82 trillion yuan, medium and long-term loans increased by 4.86 trillion yuan, and bill financing increased by 969.7 billion yuan. Ruan Jianhong analyzed that short-term loans from enterprises (institutions) provide the necessary liquidity support for enterprises, and medium- and long-term loans are beneficial to support enterprises to resume production and production.

　　"In the first half of the year, there was a relatively large increase in corporate loans, which was the result of the increased demand for funds from solid enterprises and increased financial support. From a structural point of view, the current credit supply is better allocated to corporate liquidity needs and the entire society to fight against epidemics. Demand." Ruan Jianhong said that in the provinces affected by the epidemic, banks should make full and quick loans; industries affected by the epidemic, such as leasing and social services, have higher loan withdrawal rates than the previous year. Increase; at the same time, the growth rate of loans in manufacturing, infrastructure, real estate and other industries is also expected.

　　As a pillar industry, manufacturing industry has obtained more credit resources. Data show that as of the end of May, the balance of medium and long-term loans in the manufacturing industry was 4.28 trillion yuan, an increase of 19.6% year-on-year, and the growth rate reached a new high since February 2011. Among them, the growth rate of high-tech manufacturing medium and long-term loans was 40.9% year-on-year, continuing the rapid growth trend of the past few years, a marked increase of 2.5 percentage points over the same period last year.

　　Zou Lan, director of the Financial Market Department of the People's Bank of China, analyzes that the rapid growth of manufacturing loans has benefited from the acceleration of the transformation and upgrading of the manufacturing industry sector and the effectiveness of the development; on the other hand, commercial banks have And the importance of financial services has increased significantly.

　　The good posture continues

　　"It is expected that in the second half of the year, monetary credit and social integration will continue to grow steadily." Ruan Jianhong said that the total financial amount in the first half was sufficient, which effectively supported epidemic prevention and control and economic and social development. At present, China's economy is basically stable, the supply and demand sides are relatively balanced, the monetary policy is stable and more flexible and moderate, and there is no basis for long-term inflation or deflation in the economy.

　　In terms of monetary policy, the second half of the year will be more flexible and appropriate. Guo Kai, deputy director of the Monetary Policy Department of the People's Bank of China, said that first, the total amount was moderate, and the pace of credit supply and economic recovery matched. Second, prices are moderate and interest rates are down, but not too low. It is necessary to guide the reduction of financing costs and benefit the real economy, but the lower the interest rate, the lower the better. The low interest rate is not conducive to the real economy and may cause arbitrage and other problems.

　　Wang Xin, director of the Research Bureau of the People’s Bank of China, predicts that in the second half of the year, the Chinese economy will generally continue to improve. With the resumption of production and production, the epidemic situation has achieved significant results, and various financial and monetary policies have played an important role, the recent improvement situation is more obvious, and consumption, investment and other conditions are constantly improving. This improvement will continue in the second half of the year. In addition, as investment projects such as new infrastructure are implemented, investment is expected to become an important driving force for economic growth. Consumption, exports, prices and other conditions will further improve, and the overall economy will continue to maintain a good momentum.