More than 80% of new loans
Investment enterprises (institutions)
"Recently, CITIC Bank handled a bill discount of 6.5438+0.8 million yuan, which helped us solve the problem of raw material procurement." Lu, general manager of Zhejiang Yuyao Lanshan Motor Enterprise Co., Ltd. told reporters that after the resumption of work in mid-February, the rising cost of raw materials once made the liquidity of enterprises tense. At this time, many banks lent a helping hand. Finally, he chose to discount the bills at the interest rate of 2.75%, which greatly reduced the financing cost.
The reason why this enterprise can obtain funds at a lower cost is due to the support of rediscount policy-China People's Bank. The People's Bank of China increased the rediscount quota of 500 billion yuan for refinancing and gave it a rediscount rate of 2.25%, which gave the bank more motivation and ability to support enterprises.
"At present, the effect of counter-cyclical regulation of monetary policy has gradually emerged, and financial support for the real economy has been continuously enhanced." Wen Bin, chief researcher of China Minsheng Bank, believes that with the support of a series of monetary policies, the intensity and scale of credit supply far exceeded the same period of last year, which pushed the scale of new loans to rebound sharply in March.
Data show that RMB loans increased by 2.85 trillion yuan in March, an increase of 1. 1.6 trillion yuan year-on-year. In the first quarter, loans from enterprises and institutions increased by 6.04 trillion yuan.
Ruan, director of the Survey and Statistics Department of the People's Bank of China, said that loans in the first quarter were mainly invested in the real economy, and 85. 1% of the total new loans were invested in enterprises (institutions). Short-term loans provide necessary liquidity support for the normal operation of enterprises, and medium-and long-term loans provide long-term financial guarantee for enterprises to resume work and production.
Experts said that the increase in credit supply and the rebound in corporate financing demand pushed the new social financing to rebound sharply from both supply and demand in March, and both on-balance sheet and off-balance sheet financing increased significantly, and the issuance speed of corporate and government bonds was further accelerated.
The transmission efficiency of monetary policy has been significantly improved.
Recently, the annualized rate of return of Tian Hong Yu 'ebao Fund has fallen below 2% for several consecutive days, which is not only related to personal wealth management income, but also reflects some new changes at the macro level.
Dong Ximiao, a special researcher at the National Finance and Development Laboratory, said that since the beginning of this year, the People's Bank of China has provided reasonable and sufficient liquidity for the market by comprehensively lowering RRR, directionally lowering the deposit reserve ratio, opening market operations and structural monetary policy tools, guiding the overall downward trend of market interest rates, and the interest rates of market-oriented deposit products such as money market funds and structured deposits have also declined.
In March, the broad money (M2) increased by 10. 1% year-on-year, and the growth rate rebounded sharply. Market liquidity is reasonable and abundant, but some enterprises are still thirsty. Some market participants are worried that the liquidity released by the Bank of China will be partially silted up.
In this regard, Sun Guofeng, director of the Monetary Policy Department of the People's Bank of China, analyzed that in terms of "quantity", in the first quarter, the People's Bank of China released about 2 trillion yuan of long-term liquidity through RRR reduction and refinancing, while new RMB loans were 7. 1 trillion yuan. In other words, the liquidity per 1 yuan supported the loan growth in 3.5 yuan. From the "price" point of view, the general loan interest rate dropped by 0.6 percentage points in March compared with last year's high point, and dropped by 0.26 percentage points this year, which obviously exceeded the decline of the medium-term loan facilitation bid-winning interest rate and the loan market quotation interest rate (LPR).
"This shows that the effect of monetary policy has been transmitted to the real economy." Sun Guofeng believes that compared with the international situation, China's monetary policy transmission efficiency is high, and there is no liquidity accumulation. Reasonable and abundant liquidity is not flooding, and it is far from a "liquidity trap" in terms of the amount and interest rate of liquidity in the banking system in China.
At present, there are still many small and medium-sized enterprises facing cash flow pressure and capital turnover difficulties, eager for financial support. Dong Ximiao believes that it is necessary to further improve the transmission mechanism of monetary policy, implement the relevant system of bank due diligence exemption, moderately increase the tolerance of non-performing loans, and stimulate the enthusiasm of banks to lend.
Personal consumption loans have undergone positive changes.
Expanding consumption is an important focus to hedge the adverse effects of the epidemic, which is inseparable from the support of consumer finance. In March, loans in the household sector improved significantly, especially personal consumption loans showed positive changes.
"The household sector is the main consumer sector of the national economy, and its increased confidence is conducive to the resumption of growth in the real economy." According to Ruan, affected by the epidemic, consumer credit dropped sharply in the first quarter, but the situation improved in March. Personal consumption loans increased by 609.4 billion yuan in the month, reversing the trend of net decline in February. Among them, personal housing loans increased by 347.2 billion yuan and other consumer loans increased by 262.2 billion yuan.
According to industry insiders, in addition to the positive changes in the field of consumer credit, with the phased achievements in China's epidemic prevention and control and the comprehensive promotion of resumption of production, the demand for funds in the production and operation of enterprises has gradually increased. In March, the bank acceptance bills issued by enterprises began to pick up obviously, indicating that China's economic margin is improving.
"As the government promotes the gradual start of major project investment plans, the corresponding loan demand will also grow rapidly." Ruan said that the expected index of loan demand in the second quarter was 83. 1%, up 17. 1 percentage point from the first quarter.
Experts suggest that in the future, credit investment should further increase support for major infrastructure projects, new infrastructure projects, people's livelihood projects and other fields, support residents' consumption upgrading, increase the proportion of credit for private enterprises and small and medium-sized enterprises, and continuously optimize the credit structure.