Recently, the November financial data released by the People's Bank of China showed that at the end of November, broad money (M2) increased by 8.5% year-on-year, and RMB loans increased by 1.27 trillion yuan that month.

In November, the scale of social financing increased by 2.61 trillion yuan, 478.6 billion yuan more than the same period last year, and 620.4 billion yuan more than the same period in 2019.

　　The significant year-on-year increase in the scale of social financing was the highlight of the financial data in November.

The increase mainly comes from government bonds and direct financing.

"The acceleration of government bond issuance has driven the growth of social financing scale to a certain extent." said Wang Yunjin, a senior researcher at the Zhixin Investment Research Institute.

In November, the pace of issuance of local special bonds accelerated. New government bonds were 815.8 billion yuan that month, a sharp increase of 415.8 billion yuan over the same period last year.

　　Another factor driving the increase in the scale of social financing is direct corporate financing.

In November, the direct financing of enterprises improved significantly.

Among them, bond financing increased by 410.4 billion yuan, significantly higher than the 326.4 billion yuan in the same period last year; stock financing increased by 129.4 billion yuan, higher than the 52.3 billion yuan in the same period last year.

　　However, from the perspective of the social financing structure in November, the growth of RMB credit is still weak, reflecting that corporate financing needs are still weak.

Industry experts believe that with the implementation of the RRR cut, this situation is expected to improve.

　　Recently, in order to increase support for the real economy, the central bank decided to lower the statutory deposit reserve ratio by 0.5 percentage points on December 15.

At the same time, the central bank also lowered the interest rates on refinancing for agriculture and small businesses.

Prior to this, structural monetary policy tools such as carbon emission reduction support tools and special refinancing support for the clean use of coal were also introduced.

Wen Bin, chief researcher of China Minsheng Bank, believes that the implementation of these policies will help promote the steady growth of loan scale and optimization of loan structure, increase support for market players, and keep the economy operating within a reasonable range.

　　Wang Yunjin believes that the RRR cut will release low-cost funds to the banking system, which is expected to improve its ability to serve entities.

The 1.2 trillion yuan of long-term funds released by the RRR cut will optimize the funding structure of financial institutions and increase the bank's credit lending capabilities.

　　Wang Qing, chief macro analyst at Oriental Jincheng, believes that with the continued fine-tuning of macroeconomic policies in the direction of steady growth, especially the recovery of the real estate financing environment, the growth of credit and social financing scales in December is expected to accelerate simultaneously.

In the later period, the two-wheel drive of corporate financing and government financing will become an important guarantee for stable macroeconomic operations.

(Economic Daily reporter Chen Guojing)