(Economic Observation) Continue to make precise efforts to escort the real economy in China
China News Agency, Beijing, October 17th: Continue to make precise efforts to escort China's real economy and achieve stability and long-term progress
Author Liu Wenwen
China is making continuous efforts to stabilize the real economy.
A few days ago, major state-owned banks such as Bank of China, Agricultural Bank, Industrial and Commercial Bank of China, Bank of Communications, and China Construction Bank issued announcements that they would increase credit issuance to effectively serve the real economy and help stabilize the economic market.
The role of the "head goose" of state-owned banks is prominent
The real economy is the cornerstone of economic and social development.
As an important part of the financial system, commercial banks have always been the main force for financial services to the real economy.
According to relevant announcements, in the first three quarters of this year, state-owned banks have increased their credit offering to efficiently serve the real economy.
In general, the loan scale of the five major banks has achieved good growth.
As of the end of September 2022, CCB's RMB loan balance was nearly 20 trillion yuan (RMB, the same below).
The balance of ICBC's domestic RMB loans increased by 2.2 trillion yuan over the end of the previous year.
In the first three quarters, the Agricultural Bank of China increased various RMB loans by 2.2 trillion yuan.
At the end of the third quarter, Chinese bank customer loans increased by 1.69 trillion yuan from the beginning of the year, reaching 17.41 trillion yuan.
The total amount of financing of Bank of Communications in the first nine months exceeded 800 billion yuan.
Among them, domestic RMB loans increased by 644.4 billion yuan over the end of the previous year.
In the first three quarters of 2022, China's new RMB loans, the increase in social financing scale and other data rose more than expected.
Financial statistics released by the People's Bank of China recently showed that in the first three quarters of this year, RMB loans increased by 18.08 trillion yuan, an increase of 1.36 trillion yuan year-on-year; the cumulative increase in social financing scale was 27.77 trillion yuan, 30,100 more than the same period last year. billion.
According to Mingming, chief economist of CITIC Securities, social financing grew by 10.6% year-on-year in September, up 0.1 percentage points from August, ending the continuous downward trend since June 2022.
Among them, RMB loans issued to the real economy increased by 2.57 trillion yuan, a year-on-year increase of 796.4 billion yuan.
"The big state-owned banks play the role of 'head goose' under the policy of stabilizing growth. It is expected that the big banks will still be the main force of credit issuance in October and the fourth quarter, and support the growth of social financing in conjunction with various stabilizing growth policies." Director of Zhongtai Securities Research Institute , said Dai Zhifeng, chief analyst of the banking industry.
Precisely inject "living water" into the real economy
Since the beginning of this year, China has continued to make efforts to inject "living water" into the real economy.
Effective financial supply in the real economy continued to increase, and credit support for key areas and weak links continued to increase.
First, the loan support for key areas will not be reduced.
As of the end of September, the China Development Bank had issued 13.1 billion yuan in loans this year to help the high-quality development of specialized, specialized, and new small and medium-sized enterprises. "Little Giant" enterprises and 71 provincial-level specialized, specialized, and new small and medium-sized enterprises.
Second, inclusive lending has increased significantly.
According to data from the China Banking and Insurance Regulatory Commission, in the first eight months of this year, manufacturing loans increased by 3.7 trillion yuan, an increase of 1.8 times the same period last year.
At the end of August, the balance of loans for small and micro enterprises was 56.7 trillion yuan, of which the balance of inclusive loans to small and micro enterprises was 22.1 trillion yuan, a year-on-year increase of 23.3%.
The balance of loans for affordable housing projects was 6.3 trillion yuan.
In addition, green credit increased significantly.
As of the end of September, CCB's green loans were nearly 2.6 trillion yuan, an increase of 630 billion yuan or 32% from the end of the previous year; Bank of China's green loans increased by about 36% compared with the beginning of the year; ICBC's green loans increased by about 950 billion yuan compared with the beginning of the year. The increase was 34%; the Bank of Communications' green credit balance exceeded 600 billion yuan, an increase of more than 25% over the end of the previous year.
Dai Zhifeng analyzed that from the perspective of the credit supply structure of major state-owned banks, the growth rate of manufacturing, green and inclusive loans significantly exceeded the growth rate of total loans compared with the beginning of the year, reflecting the increasing support for the real economy.
How to escort the future of the "real economy"?
Looking into the future, how should the financial system further escort the stability of the real economy?
Wen Bin, chief economist of China Minsheng Bank, said that by further optimizing the financing structure and financial institution system, market system and product system, more financial resources should be allocated to the key areas and weak links of economic and social development.
"It is necessary to ensure that financial development does not deviate from the origin of serving the people and the real economy, and at the same time give full play to the role of the financial market mechanism. Only in this way can a virtuous circle between finance and the real economy be truly realized." said Zeng Gang, deputy director of the National Finance and Development Laboratory. .
Cai Zhibing, an associate professor of the Economics Teaching and Research Department of the Central Party School (National School of Administration), said that it is crucial to strengthen in-depth research on the operation laws of real industries and improve the pertinence of financial services.
It is necessary to target service targets, increase financial support for strategic emerging industries, high-tech industries and key core industries, and actively promote high-quality transformation of the industrial structure.
"Today, the connotation of the real economy has become more and more extensive, the degree of integration of the Internet industry, producer service industry and traditional manufacturing industry has gradually improved, and new production methods such as individualized production, flexible production, customized production, and rapid production have begun to popularize. The financial system should Keep up with the development trend of the real economy, popularize modern information and data technology on a large scale, and continuously improve service efficiency." Cai Zhibing said.
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