The total amount of social financing is the total amount of new financing of 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.
Origin:
Since 20 1 1, the word "social financing" has frequently appeared in the narrative related to financial supervision. 20 1 1 At the beginning of the year, the People's Bank of China held an annual working meeting and proposed "maintaining a reasonable scale of social financing". 20110 The Monetary Policy Implementation Report for the Fourth Quarter of 20 10 released by the central bank further pointed out that "in macro-control, we should pay more attention to the expected guiding role of the total amount of money, pay more attention to measuring the financial support to the economy from the perspective of the total amount of social financing, maintain a reasonable scale of social financing, and strengthen market allocation.
Importance:
The total amount of social financing will become an important reference index in the process of formulating future monetary policy. In the long run, with the deepening and development of finance, China's indirect financing system will change, and the scale and proportion of direct financing will gradually increase. During the "Twelfth Five-Year Plan" period, the introduction of measures such as promoting interest rate marketization and financial innovation will also promote the development of direct financing, so it is a development trend to control the total amount of bank credit to control the total amount of social financing.
Controlling the "total amount of social financing" requires more market-oriented means and increasing the use of price-based tools. With the development of direct financing methods such as stock market and bond market, financial supervision will use more market-oriented means.
Connotation:
The connotation of social financing scale is mainly reflected in three aspects. First, financial institutions provide all financial support to the real economy through the use of funds, that is, the comprehensive use of financial institutions' assets, mainly including RMB loans, foreign currency loans, trust loans, entrusted loans, corporate bonds held by financial institutions, non-financial corporate stocks, insurance company compensation, investment real estate, etc. Second, the real economy uses standardized financial instruments to obtain direct financing through the services of financial institutions in the formal financial market, mainly including bank acceptance bills, non-financial enterprise stock financing and net issuance of corporate bonds. Third, other financing, mainly including small loan company loans, loan company loans, industrial fund investment and so on.
The scale of social financing reflects the total amount of financing obtained by China's real economy from domestic financial institutions, while foreign exchange and foreign direct investment belong to external capital inflows and should not be counted.