In this regard, Ruan Jianhong, director of the People's Bank of China's Department of Investigation and Statistics, said the main reason for the faster year-on-year growth in the scale of social financing and the scale of new RMB loans, as well as the sharp rebound in the growth rate of social financing, is that the financial sector, in order to cope with the challenges of the new crown epidemic, has increased its support for real enterprises.
From the structural characteristics of the new social financing scale, first, financial institutions to increase credit support to the real economy, the first half of the new incremental RMB loans issued by financial institutions to the real economy is 12.33 trillion yuan, this level than the same period last year, an increase of 2.31 trillion yuan; the second is that the financial market to the real economy to provide support for the bonds, stocks and other direct financing has grown substantially. Corporate bond financing, non-financial enterprises in the domestic stock financing and undiscounted bank acceptances three, in the social financing scale of the incremental share of 19%, this level is higher than the same period last year, 7.7 percentage points; Third, the financial system with fiscal policy to make an effort, treasury bonds and local government special debt financing is relatively large.
"From the point of view of this year's credit allocation, in January this year, credit is mainly large-scale public loans, most of which were negotiated at the end of last year; February and March credit is mainly in the production of medical supplies, necessities of life enterprises, at this time, small and micro-enterprises and the service industry's credit is mainly short-term liquidity needs; in April began the acceleration of the resumption of enterprises and the acceleration of the resumption of production, housing sales Rebound, coupled with regulatory requirements to increase support for small and medium-sized enterprises, manufacturing industry, our second quarter for the household sector loans and small and medium-sized enterprise loan growth faster. In addition, the utilization rate of credit funds for enterprises has improved significantly since May as the economy picks up." The vice president of a large state-owned bank branch in the Pearl River Delta region said.
Manufacturing, small and micro inclusive, three rural loan growth rate increased
In the face of the epidemic's impact on the economy, the financial system has strengthened its support for the real economy, the first half of this year, social financing, RMB credit growth rate and M2 growth rate have exceeded market expectations. And from a structural point of view, the first half of the credit structure is also continuing to optimize, enterprise loans is the absolute main force of new credit in the first half of the year, enterprises and institutions of the loan growth is 8.77 trillion, accounting for 72.6% of the new increment of loans. Overall, the manufacturing industry, small and micro universal, "three rural" loans accounted for the proportion of the overall loans are increasing, while the local financing platforms, real estate-related loans accounted for a significant decline.
In particular, micro and small loans and manufacturing loans, which are the focus of regulators' attention, have seen faster growth, and interest rates have dropped significantly. Central Bank data show that as of the end of May, the balance of inclusive small and micro loans was 12.9 trillion, up 25.4% year-on-year, a growth rate higher than the growth rate of RMB loans by 12.2 percentage points, the average interest rate of newly issued inclusive small and micro loans in May was 5.23%, a decline of 0.65 percentage points from the end of the previous year; manufacturing industry's balance of medium- and long-term loans was 4.28 trillion, an increase of 19.6%, a record growth rate since February 2011 that the growth rate hit a record high since February 2011.
"As of the end of May this year, medium- and long-term loans to the high-tech manufacturing industry grew at a year-on-year rate of 40.9 percent, continuing the high growth trend of the past few years, and the growth rate compared with the same period last year increased by 2.5 percentage points. In addition, from our communication with financial institutions, in addition to the implementation of the central bank and the CBRC policy guidance, many financial institutions from the perspective of their own development to recognize that the long-term development of the manufacturing industry can not be separated from the support of the financial industry and manufacturing industry is in fact *** birth *** glory relationship, so so much resources to the manufacturing industry tilt." Zou Lan, director of the Financial Markets Division of the People's Bank of China, said.
On the other hand, new real estate-related loans, including mortgage loans and development loans, in the new loans accounted for a significant decline. Among other things, the central bank released data showing that medium- and long-term loans to the household sector, mainly mortgage loans, added 2.8 trillion yuan in the first half of the year, accounting for only 23 percent of overall new loans.
"From a financial point of view, over the years we have been focusing on guiding commercial banks to optimize their credit structure, and to keep the financial resources invested in real estate within moderate limits. Earlier years we are very concerned about the commercial banks on the real estate industry new loans accounted for the proportion of the various loan increments, once as high as 44%, these years under the guidance of the corresponding policy, this proportion declined year by year, this year 1-5 months accounted for the proportion has been reduced to 25%." Zou Lan said.
The second half of the year to do a good job of the two "moderate"
In the first half of this year, in order to cope with the impact of the epidemic, to do a good job of financial support for the real economy, to protect the enterprises and stabilize employment, the People's Bank of China has launched a series of support measures, both the traditional monetary policy tools such as lowering of the quota, reduce the interest rate of open market operations, reduce the re-lending The PBOC has launched a series of support measures, including traditional monetary policy tools such as reducing the quota, open market interest rates, and re-lending and re-discounting interest rates, as well as special re-lending, small and micro-enterprise capital repayment deferral programs, and credit support programs.
Two of the new monetary policy tools, namely, the Inclusive Micro and Small Business Loan Extension Support Tool and the Inclusive Micro and Small Business Credit Loan Support Program, have been implemented for more than a month, and the market has been very concerned about how effective these two new tools are.
"The deferred debt service for small and micro enterprises is still in the early stages of implementation, but the credit loan support program central bank has already carried out operations. As of July 3, during this one-month period we have cumulatively supported 1,598 local legal person banks, a **** to 1.09 million enterprises issued 1.6 million inclusive small and micro credit loans, the total **** is 132.6 billion yuan, the prying effect is obvious. Of these, a large portion are credit loans issued by Internet banks as well as traditional commercial banks utilizing Internet technology and big data, with a single loan being very small, about 20,000 to 30,000 yuan, but providing very important support to the tail end of the customers." Guo Kai, deputy director of the PBOC's monetary policy department, said.
In terms of monetary policy trends in the second half of the year, Guo Kai said that the second half of the steady monetary policy should be more flexible and moderate, comprehensively utilizing a variety of monetary policy tools to maintain a reasonable abundance of liquidity, pay more attention to changes in lending rates, deepen the LPR reforms, and promote a sustained downward trend in the real interest rate of loans and a significant decline in the overall cost of corporate financing.
"Here to emphasize more moderation. First, the total amount should be moderate, credit injection should match the pace of economic recovery. If the pace of credit injection is too fast, faster than the economic recovery will produce funds stagnation, produce the problem of credit funds can not be effectively used; the second is that the price should be moderate, on the one hand, to guide the cost of financing to further reduce, at the same time, we must also recognize that interest rates are appropriate downward is not the lower the better the interest rate, the interest rate is seriously below and the potential economic growth rate of the level of the level of the appropriate, will produce the problem of arbitrage, produce the the problem of resource mismatch." Guo Kai said.
Tang Jianwei, chief researcher at the Bank of Communications Financial Research Center, believes that the future "stable currency + broad credit" combination of the control model will remain unchanged, which also coincides with the enhancement of the efficiency of financial support for the real economy. More innovative and direct tools will be used for "credit expansion" to stabilize aggregate demand. In addition, after focusing on accurate direct access, the probability of a full-scale reduction in the probability of a significant decline, but the targeted or partial reduction in the year is expected to be 1-2 times. MLF operating rate as the upper limit of the interest rate corridor and connect the intermediate tool of the LPR, in order to stabilize the money market interest rates and to achieve the goal of a significant decline in the cost of financing of real enterprises, will continue to be lowered by 20BP or more."