The scale of social financing refers to the amount of loans issued by the financial system to entities. M2 refers to the money supply in a broad sense, which we understand as the money of the whole society. Simply put, M2 is described from the supply side of social money, and the total scale of social financing is described from the demand side of social money.

Social financing,

It refers to the activities of lenders to raise funds through non-traditional bank loan channels. At present, except for bank loans and funds directly invested by the government, they are all considered as funds of social financing channels. Social financing is an important supplementary form of economic entity financing, which makes up for the shortcomings of narrow financing channels and insufficient capital supply of a single bank, and helps to improve the investment level of the whole society and improve the efficiency of capital utilization.