Total social financing: refers to the total amount of new financing provided by the financial industry to the real economy every year, including both indirect financing of the banking system and direct financing of bonds and stocks in the capital market.

The specific algorithm can refer to the following.

Total social financing = RMB loans+foreign currency loans+entrusted loans+trust loans+bank acceptance bills+corporate bonds+shares of non-financial enterprises+compensation from insurance companies+investment real estate of insurance companies+others.

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