In order to understand the signal of "credit crunch" in social financing, we need to first understand the composition of China's financial system. China's banking system belongs to dual banking system. The central bank controls currency liquidity through benchmark interest rate, deposit reserve ratio and open market operation, while credit is operated by commercial banks according to regulatory requirements and commercial bank norms.

The basic structure of China's financial system

According to the financial data disclosed by the central bank in 202 1, "short-term loans decreased by 269 1 billion yuan, the first decrease since last March." This is consistent with the central bank's report in the fourth quarter of 2020 that "expanding consumption does not depend on consumer finance". Commercial banks' recent investigation of consumer loans flowing into the stock market and the property market is a sign of "tight credit". Credit to the residential sector is mainly reflected in mortgage and consumer loans. Judging from the data in February, the tightness is mainly manifested in the illegal inflow of "consumer loans" into the stock market and the property market, and the suspension of "down payment loans" into the property market.

Strictly investigate the illegal entry of "consumer loans"

According to the financial data disclosed by the central bank in 20021,"enterprise (institution) loans increased by 1.2 trillion yuan, of which short-term loans increased by 249.7 billion yuan, medium-and long-term loans increased by1./trillion yuan, and bill financing decreased by1.85 billion yuan; Loans from non-banking financial institutions increased by 654.38+08 billion yuan. " It can be seen that the credit to the real economy has not been tightened, but the regulatory authorities have strengthened supervision over the illegal inflow of funds into the stock market and the property market. A number of banks have strictly investigated the illegal inflow of "tax loans" and "commercial loans" into the stock market and the property market. It can be seen that the credit to the real economy is not tight, but the investigation of illegal funds.

Strictly investigate the illegal entry of corporate loans into the market.

"Tight credit", whether it is aimed at the enterprise sector or the residential sector, currently focuses on strictly checking the illegal funds flowing into the stock market and the property market, and the loan demand of normal enterprises and residents is still normal. The policy orientation of "consumer finance" has also changed, increasing residents' income through multiple channels, expanding residents' spending power, expanding consumption without relying on consumer finance, and tightening consumer finance policies.