Our reporter Liu Qi

　　The central bank recently announced financial data for August, and the social financial statement is particularly eye-catching.

Specifically, at the end of August, the stock of social financing was 276.74 trillion yuan, an increase of 13.3% year-on-year, and the growth rate hit a new high since March 2018.

That month, the increase in social financing was 3.58 trillion yuan, 1.39 trillion yuan more than the same period last year.

Among them, RMB loans to the real economy increased by 1.42 trillion yuan, a year-on-year increase of 115.6 billion yuan.

　　From the perspective of credit data, RMB loans increased by 1.28 trillion yuan in August, an increase of 69.4 billion yuan year-on-year.

In terms of sectors, household loans increased by 841.5 billion yuan, of which short-term loans increased by 284.4 billion yuan, medium and long-term loans increased by 557.1 billion yuan; corporate (institution) unit loans increased by 579.7 billion yuan, of which short-term loans increased by 4.7 billion yuan. Medium and long-term loans increased by 725.2 billion yuan, bill financing decreased by 167.6 billion yuan; loans from non-banking financial institutions decreased by 147.4 billion yuan.

　　"The year-on-year growth of RMB loans in August was mainly driven by medium and long-term corporate loans and residential loans. In the same month, new medium and long-term corporate loans increased by 725.2 billion yuan, an increase of 128.4 billion yuan from the previous month and an increase of 296.7 billion yuan year-on-year. The corporate credit term structure continued to improve. , The real economy’s lenient credit continues to advance.” Wang Qing, chief macro analyst at Oriental Jincheng, said in an interview with a reporter from the Securities Daily that the reasons are mainly twofold: First, the domestic economic improvement has supported credit demand, especially with With the gradual restoration of manufacturing investment, the development of infrastructure, and the resilience of real estate investment, the demand for medium and long-term loans of enterprises has rebounded; secondly, banks are also willing to increase medium and long-term loans to manufacturing enterprises in order to meet the MPA assessment requirements.

　　Judging from the overall financial data in August, monetary policy continues to provide strong support to the real economy, and the financing environment for the real economy continues to improve.

Wen Bin, chief researcher of China Minsheng Bank, told the "Securities Daily" reporter that the performance of credit and social financing in August showed that the financial data in July was less than expected and it was caused by disturbance factors. Monetary policy still supported the recovery of the real economy. , Considering the gradual stabilization of the economy and the need to prevent and control risks gradually returning to normal, not accelerating tightening.

In the next stage, monetary policy will be more focused on precise guidance.

In terms of total amount, we will insist on not engaging in “flood flooding”, and credit social financing will maintain a moderate and reasonable growth. According to the annual incremental plan of 30 trillion yuan in social financing and 20 trillion yuan in credit, there are still nearly 4 months left in the remaining four months. There is room for one trillion yuan in social financing and 5.6 trillion yuan in credit. As the economy recovers, the remaining increase will continue to provide strong support for insurance companies.

Structurally, precise support for key areas and weak links will be the main focus of the policy, and the importance of increasing support for mid- and long-term credit to manufacturing, small and medium-sized enterprises, and preventing and defusing financial risks will become more prominent.

　　In Wang Qing's view, the credit trend in August was stable and the structure was optimized. Both the high increase in social financing and the decline in M2 growth were greatly affected by the issuance of government bonds. If the issuance of government bonds is excluded, the stock of social financing and M2 increased in August. The speed will also remain steady and slightly lower.

This shows that under the current policy guidance of “appropriate aggregate and precise orientation”, the process of financial aggregate convergence that started in July is actually still continuing. In the future, when monetary policy returns to normal, the structural nature represented by direct instruments will Monetary policy will become the main point of force.

(Securities Daily)