Social financing, also known as social financing, refers to the activities of lenders to raise funds through non-traditional bank loan channels. From the institutional point of view, including banks, securities, insurance, trusts and other financial institutions; From the market point of view, it includes credit market, bond market, stock market, insurance market and intermediary business market.
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, helps to improve the investment level of the whole society, improve the efficiency of capital utilization and stimulate rapid economic growth. Social integration is not only a realistic reflection of the financing needs of the real economy and the financing convenience of enterprises, but also the need of macro-policy regulation. In addition to financing demand, macro-policies, financial supervision, financing structure and growth mode may change the growth trend of social integration.
There are four categories of social financing, and more than ten sub-items include bank loans, bonds and equity. Among them, RMB loans, government bonds and corporate bonds account for the highest proportion, accounting for 90% of the total social financing.
From the composition of social finance, we can clearly see how much money the government, enterprises and residents have borrowed.
How to interpret social integration data?
There are two important indicators of social integration, namely, stock and increment.
1, stock
Social financing continues to accumulate interest, and the stock of social financing will generally continue to grow. By June 2022 165438+ 10, China's social financing stock was 343. 19 trillion yuan, which means that the real economy borrowed so much money from the financial system. By comparing the stock of social finance with GDP, we can see the overall leverage ratio of the country. If the leverage ratio is too high and the social and economic liabilities are too heavy, a financial crisis may occur.
2. Increment
The new funds borrowed by the real economy from the financial system in a certain period of time. This can reflect the social and economic situation in this period and predict whether the economy will prosper in the future. The rise of social finance shows that everyone dares to borrow money, which shows that they are optimistic about the market prospects and have a strong willingness to invest.