New loans are statistical data used to reflect the increase of RMB loans issued by financial enterprises to enterprises and families in China, which are released to social development by the Central People's Bank on time. New loans refer to the current amount of borrowed funds. Its main characteristics are that there are many traditional industries and few emerging industries; There are many kinds of general loans, but few independent innovation loans; There are many customers with low credit rating and few customers with high credit rating; Specifically, it is used to put down the bottom, which is used for capital turnover with less liquidity. Specifically, it is used to put down the bottom, which is used for capital turnover with less liquidity. Many working capital loans have become the underlying assets of the company. Some loans have been borrowed for eight years, and after several loan extensions, the new loans have been repaid.

M2, that is, money supply, refers to commodity cash circulating outside the management system of financial institutions, plus corporate savings, residents' demand deposits and other savings, which includes all the borrowing and lending monetary methods that may become actual consumption capacity, and generally reflects the changes in the future total social demand and the pressure of inflation. In recent years, many countries have taken M2 as the general goal of money supply control.

The total amount of social financing is the total amount of equity financing increased by the financial industry in China's real economy this year, including both the money market of financial institutions' management system and the equity financing of bonds, individual stocks and other sales markets in the financial market. In macroeconomic policy, we should pay more attention to the correct guiding role of loans and total monetary output, and consider the scope of application of financial industry to economic development from the perspective of total social financing output. It is necessary to maintain the effective scale of social financing operation, strengthen the role of sales market in allocating resources, and further improve the precise policy of industrial development.

Suppose a financial institution raises a new loan, which is allocated by the savings of the financial institution, then M2 will be reduced first. However, under the action of the currency multiplier, all banking businesses will increase their savings by 65,438+0 times of the currency multiplier, and the M2 reduced before can already be tax deductible. It is very high to improve the efficiency of M2 according to new loans, and the key growth of M2 is also due to the improvement of new loans. The scale of social financing operation and M2 refer to the property right side and the debtor side of the financial system respectively, which are two sides of the same coin. They reflect the whole process of fiscal policy transmission from different levels, complement each other and confirm each other, but their significance to economic development is different.