CCTV News: The latest data released by the People's Bank of China on February 14 showed that the total financial volume continued to maintain reasonable growth in January this year, and the support for the real economy was solid.

A number of financial total data ushered in a "good start": the balance of broad money M2 at the end of January was 318.52 trillion yuan, an increase of 7% year-on-year, and the growth rate was basically stable; the increase in social financing scale in January was 7.06 trillion yuan, the highest level in the same period in history.

Dong Ximiao, chief researcher of China Merchants Union, said that the financial data in January achieved a "good start" with a good start, and the growth rate of social financing scale continued to maintain a relatively fast level, on the one hand, thanks to the rapid growth of on-balance sheet loans, and on the other hand, thanks to the acceleration of government debt issuance.

In January, RMB loans increased by 5.13 trillion yuan, an increase of 210 billion yuan year-on-year. Some commercial bankers said that the credit data in January was good, and it was also affected by the Spring Festival factors. Before the holiday, the demand for payments for supply chain and project progress settlement, employee compensation and bonus payments were released in January, and the demand for payments in February may decrease compared with the same period last year.

Zhang Wenlang, chief macro analyst of the research department of CICC, said: "The financial data in January was relatively impressive. With a high base in the same period last year, the new credit in January still maintained positive growth, fully meeting the effective financing needs of the real economy."

The weighted average interest rate for newly issued corporate loans in January was about 3.4%, a year-on-year decrease of about 0.4 percentage points, at a historical low.

Experts said that since the beginning of this year, the financial system has increased its credit supply, fully met the effective financing needs of the real economy, guided more financial resources to flow to key areas, and further smoothed policy transmission, providing strong support for a stable start to the real economy.

Credit demand is released at an accelerated pace, and the credit structure has many highlights

Credit demand is released at an accelerated pace in January, and many highlights have appeared in the credit structure. Financial data in January showed that the growth rate of loans to small and medium-sized enterprises, green loans, and inclusive small and micro loans for small and micro loans has been higher than the growth rate of all loans, and the credit structure has continued to be optimized.

Behind the reasonable growth in loan scale is the accelerated release of credit demand. In 2025, the central government will support the construction of "two-level" projects with greater efforts, and will increase efforts to expand and implement the "two-new" policies, drive the rapid growth of infrastructure loans, and form important support for credit issuance.

Dong Ximiao, chief researcher of China Merchants Union, said that among the increase in RMB loans, the loans of enterprises (institutions) institutions increased by 4.78 trillion yuan, accounting for 93.2%, which is the "ballast stone" of credit growth.

In addition, data shows that demand for residential housing loans is also stabilizing and recovering. In January, personal housing loans increased by 244.7 billion yuan, an increase of 151.9 billion yuan year-on-year.

Since this year, the central bank has guided financial institutions to increase credit supply in related fields through various means such as structural monetary policy tool incentives, and the loan structure has been continuously optimized.

In January, the balance of inclusive small and micro loans was 33.31 trillion yuan, a year-on-year increase of 12.7%; the balance of medium- and long-term loans in the manufacturing industry was 14.41 trillion yuan, a year-on-year increase of 11.4%, both higher than the growth rate of various loans in the same period. The credit structure continues to be optimized, providing strong support for the transformation and upgrading of the real economy and high-quality development.

Growth of broad money (M2) is expected to accelerate

Experts analyzed that after the accelerated issuance of government bonds, the fiscal deposits formed have increased, and this part of the deposits are not included in M2. Coupled with factors such as financial diversion and high base in the same period last year, the growth rate of M2 in January has been stable and slightly lowered.

After the funds incurred in subsequent government bond issuance are gradually spent, they will be converted into corporate deposits and included in M2. The growth of M2 is expected to accelerate in the future.