Do extraordinary things in extraordinary times. During the anti-epidemic period, the central bank frequently released liquidity, which effectively offset the negative impact of the epidemic, but also created new potential risks. At the end of March, broad money (M2) increased by 10. 1% year-on-year, and the growth rate was 1.5 percentage points higher than the same period of last year. The balance of local and foreign currency loans increased by 12.3% year-on-year. In the first quarter, RMB loans increased by 7 1 trillion yuan, an increase of 1.29 trillion yuan year-on-year. At the end of March, the stock of social financing scale increased by 1 1.5% year-on-year, and the growth rate was 0.8 percentage points higher than that at the end of last year. In the first quarter, the scale of social financing increased by 1 1.08 trillion yuan, 2.47 trillion yuan more than the same period of last year. These funds have raised concerns about a strong rebound in real estate.

In the first quarter, short-term loans provided by financial institutions increased by 2.3 trillion yuan, an increase of 1.25 trillion yuan year-on-year. Support enterprises to resume work and production, medium and long-term loans increased by 3.04 trillion yuan, an increase of 476.6 billion yuan. The total amount of household loans decreased by about 600 billion yuan year-on-year, which was caused by the epidemic situation and the sharp decrease in household consumption and house purchase. However, household loans improved significantly in March, with new loans of 986.5 billion yuan, an increase of 9,665.438 billion yuan year-on-year, a substantial increase from February. In the first quarter, the national investment in real estate development decreased by 7.7% year-on-year, which was 8.6 percentage points narrower than that in1-February. Among them, residential investment fell by 7.2%, and the decline narrowed by 8.8 percentage points. The sales area of commercial housing decreased by 26.3%, and the sales volume decreased by 24.7%, which were respectively 13.6 and 1 1.2 percentage points lower than that in February. All these indicate that with the normalization of the economy, real estate is also accelerating its recovery.

At present, liquidity is abundant, so it is urgent to guide the rational flow of funds. Due to the phenomenon of "returning to work but not reaching production", the epidemic situation has led to a certain impact on the supply chain and industrial chain, and the production orders of enterprises have decreased, which has increased the risk of capital investment; Coupled with the global spread of the epidemic, the external situation is still unclear, and the future foreign trade situation is grim, which hinders the flow of funds to the real economy. Affected by expectations, the financial market turmoil has intensified, and it will not be a good place to absorb funds.

During the epidemic, housing construction and sales were suspended in various places, and these "delayed demands" may break out after the epidemic. In addition, the previous epidemic led to "insufficient supply", and the contradiction between housing supply and demand will become more prominent. As the saying goes: "press the gourd to float the ladle", will the funds invested in the early stage take the opportunity to flow into the real estate market to make waves? This is really worrying.

Facing the extremely complicated economic situation at home and abroad, the central government once again stressed that "the house should be used for living, not for speculation, so as to promote the stable and healthy development of the real estate market", indicating that the central government has always kept a clear head and strategic determination, and promptly reminded us to guard against the risk of real estate speculation.