On January 12, the central bank handed over its financial “report card” for 2017. In addition to M2 continuing to hit a record low in December last year, medium and long-term household loans throughout the year decreased by 380 billion yuan compared with the previous year. Since personal mortgage loans account for a high proportion of medium- and long-term household loans, it can be deduced that after the long-term mechanism for real estate regulation was gradually improved, the scale of mortgage loans was effectively controlled last year, which is conducive to economic progress.

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Conducive to increasing the scale of social financing

2017 financial statistics released by the central bank The report shows that at the end of December, the balance of broad money (M2) was 167.68 trillion yuan, a year-on-year increase of 8.2%, and the growth rate was 0.9 and 3.1 percentage points lower than the end of last month and the same period last year respectively; preliminary statistics of the social financing scale stock statistics report, Last year, the stock of social financing scale was 174.64 trillion yuan, a year-on-year increase of 12%; preliminary statistics from the statistical report on the increase in social financing scale showed that the cumulative increase in social financing scale last year was 19.44 trillion yuan, 1.63 trillion yuan more than the previous year.

For M2 to hit a new record low, the relevant person in charge of the central bank has already taken a "precautionary shot": It is estimated that as deleveraging deepens and finance further returns to serve the real economy, M2 growth will be lower than in the past. may become the new normal. At the end of December last year, the balance of RMB loans was 120.13 trillion yuan, a year-on-year increase of 12.7%. The growth rate was 0.6 and 0.8 percentage points lower than the end of last month and the same period last year respectively. In 2017, RMB loans increased by 13.53 trillion yuan, an increase of 878.2 billion yuan year-on-year.

The scale of mortgage loans has been reduced

In March last year, the central bank urgently issued the "Guidelines for Doing a Good Job in Credit Policy" "Opinions" requires that housing credit policies be used as part of a package of policies to regulate real estate, and the minimum down payment ratio, loan interest rate discount and maximum loan multi-year period should be reasonably used, and the housing loan policies within the jurisdiction should be appropriately adjusted. In addition, all branches of the central bank should strengthen window guidance for commercial banks, urge them to optimize their credit structure, and reasonably control the mortgage-to-loan ratio and growth rate. It is precisely under the influence of the policy to control mortgage loans that the scale of mortgage loans has been restrained last year.

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The housing loan policy in 2018 will continue the main tone of controlling housing loans last year, and the trend of maintaining and suppressing will become more obvious. Improvement demand will be supported and speculation in real estate will be curbed. It can be seen that the reduction of medium and long-term mortgage loans by 380 billion yuan in 2017 has many benefits.