CCTV News: The financial data for April released by the People's Bank of China on May 14 showed that the growth of total financial volume is both "stable" and "real", the growth of broad money (M2) has accelerated significantly, and the scale of social financing remains at a high level.
Data shows that at the end of April, the balance of broad money (M2) was approximately 325 trillion yuan, an increase of 8.0% year-on-year, maintaining a high level. The stock of social financing is about 424 trillion yuan, an increase of 8.7% year-on-year. The growth rate of social financing has increased, and support for the real economy has increased.
Experts said that the acceleration of government bond issuance is the main driving factor.
Dong Ximiao, chief researcher of China Merchants Union, introduced that in 2025, the issuance of government bonds has accelerated significantly. Among them, the issuance of ultra-long-term special treasury bonds and special treasury bonds injected was launched in April, and the issuance of special refinancing special bonds of local governments continued to advance. The net financing of that month was about 970 billion yuan, which boosted the growth rate of social financing by about 0.3 percentage points.
Lu Zhe, chief economist of Dongwu Securities, introduced that in 2025, ultra-long-term special treasury bonds were issued one month earlier than last year, and loans became the main driving force for the growth of social financing scale. Corporate bond financing is growing steadily, and the capital market's help to the real economy is constantly increasing.
Experts said that in 2025, financial support will be strong and bond issuance will be fast, and support to expand domestic demand and loose credit, which will provide strong support for the scale of social financing.
Dong Ximiao introduced that recently, the Ministry of Finance has also launched a 1.3 trillion yuan special treasury bond to support the "two new" and "two heavy". It is expected that the subsequent issuance progress of special government bonds will remain relatively fast, promoting demand, boosting social confidence, and providing strong support for social financing.
