(Economic Observer) China’s latest financial data presents four key points

　　China News Service, Beijing, March 15th: China’s latest financial data presents four key highlights

　　China News Service reporter Xia Bin

　　The People's Bank of China released the latest financial data on the 15th.

Market experts believe that social financing scale and credit data remained stable in February, effectively meeting the reasonable financing needs of market entities, improving domestic economic fundamentals, and stimulating endogenous power for economic development.

Overall, the data presents four key points.

——Normal fluctuations, in line with expectations

　　At the end of February, the balance of various RMB loans was 243.96 trillion yuan (RMB, the same below), a year-on-year increase of 10.1%, 0.3 percentage points lower than the previous month, mainly affected by factors such as a higher base in the same period last year, the wrong month of the Spring Festival and the extension of the Spring Festival holiday. .

　　Yu Jian, deputy president of Jiangxi Bank, said that the effective working hours of various industries decreased during the Spring Festival holiday. Individual industrial and commercial households and residents returned idle funds to loans after receiving payment and wages, and credit demand slowed down.

Especially since the Spring Festival holiday fell in January last year and in February this year, the Spring Festival mismatch further caused periodic fluctuations in credit supply, which is a normal phenomenon. It is more reasonable to combine the credit data in January and February.

　　The People's Bank of China has also emphasized in recent years that it should avoid paying too much attention to short-term data fluctuations and high-frequency monthly monetary and credit data, and should more comprehensively analyze the effectiveness of interest rate declines, the scale of social financing covering the scale of direct financing, etc., to form a positive confirmation of the intensity of financial support for the economy. Know.

——Work forward to support the economy

　　Changes in financial data are also related to the advance efforts of monetary policy. The policy is implemented well in advance and takes into account counter-cyclical and inter-cyclical aspects, which will continue to provide stamina for the economic recovery to improve.

　　Since the beginning of this year, the People's Bank of China has made continuous "big moves". The intensity of reserve requirement ratio cuts and the decline in LPR (Loan Prime Rate) have exceeded market expectations, and monetary and credit support has been solid.

　　The role of monetary policy has been demonstrated in many aspects, including supporting corporate production and investment, ensuring the advancement of major project construction, and maintaining a moderate recovery trend in prices.

——Aim at the structure and revitalize the stock

　　As China enters a critical period of economic transformation and upgrading, the market's focus on money and credit has shifted from past changes in volume to improvement in efficiency, emphasizing precise investment rather than "sprinkling pepper".

　　A reporter from China News Service learned from the People's Bank of China that the latest data shows that credit growth in key industries of the national economy remains high, and credit support for weak links in the national economy remains at a high level.

For example, at the end of February, the balance of medium and long-term loans in the manufacturing industry was 13.13 trillion yuan, a year-on-year increase of 28.3%, of which the balance of medium- and long-term loans in the high-tech manufacturing industry increased by 26.5% year-on-year.

　　During the same period, the growth rates of the balance of inclusive small and micro loans, the balance of agriculture-related loans, and the balance of private economic loans were all ranked in the "first echelon" of various loan growth rates.

　　In the deployment of monetary policy in this year's government work report, the statement "avoiding funds from settling and idling" appeared for the first time. This means that the requirements for revitalizing the stock are constantly increasing, and the utilization rate of stock financial resources must be further improved. Loans in the field of new productivity The investment intensity continues to increase.

　　According to market analysts, in the next stage, revitalizing financial resources that are inefficiently occupied will be a more important direction to improve the quality and efficiency of financial services. In the future, more benefits will be obtained from existing resources, and the incremental effect of simply building high will be limited.

——Interest rates are falling and “burden reduction” continues

　　Whether it is for enterprises or residents, the cost of using funds directly determines the severity of their burden.

　　The People's Bank of China revealed to a reporter from China News Service that loan interest rates currently remain at historically low levels.

The weighted average interest rate of new corporate loans in February was 3.76%, 1 basis point lower than the previous month and 11 basis points lower than the same period last year; the interest rate of new personal housing loans was 3.86%, 8 basis points lower than the previous month and 11 basis points lower than the same period last year. It was 36 basis points lower than the same period last year, both at historical lows.

　　In recent years, the People's Bank of China has continued to release the effectiveness of the reform of the LPR formation mechanism to "reduce the burden" on corporate residents.

Previously, the LPR of more than 5 years fell by 25 basis points. The single interest rate cut was the largest since the reform and improvement of the LPR formation mechanism, which further guided the reduction of financing costs of the real economy and reflected the continued strengthening of financial assistance to expand domestic demand.

　　Wen Bin, chief economist of China Minsheng Bank, said that under the background that the pace of interest rate cuts by the Federal Reserve this year may be relatively stable and the inverted interest rate gap between China and the United States is difficult to reverse in the short term, the 1-year LPR remains unchanged and the LPR over 5 years declines. It maintains reasonable support for the real economy and improves the resilience and policy autonomy in responding to external shocks.

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