According to the financial statistics released by the people's Bank of China on January 12, at the end of December 2021, the balance of broad money (M2) was 238.29 trillion yuan, a year-on-year increase of 9%, 0.5 percentage points higher than that at the end of last month and 1.1 percentage points lower than that in the same period of last year. In 2021, RMB loans increased by 19.95 trillion yuan, an increase of 315 billion yuan year-on-year. According to preliminary statistics, the cumulative increment of social financing scale in 2021 is 31.35 trillion yuan, 3.44 trillion yuan less than the previous year and 5.68 trillion yuan more than 2019. Industry insiders said that finance continued to increase its support for steady growth, and the market liquidity remained reasonably abundant. The scale of new RMB loans in 2021 exceeded that in 2020, which played a positive role in supporting market players to restore and maintain economic operation within a reasonable range. Looking forward to 2022, the growth rate of M2 and social finance will "rise steadily". In terms of new RMB loans in 2021, household loans increased by 7.92 trillion yuan, including short-term loans increased by 1.84 trillion yuan and medium and long-term loans increased by 6.08 trillion yuan; Loans to enterprises (Institutions) increased by 12.02 trillion yuan, including 946.8 billion yuan in short-term loans, 9.23 trillion yuan in medium and long-term loans and 1.5 trillion yuan in bill financing; Loans from non banking financial institutions decreased by 84.7 billion yuan. In December, RMB loans increased by 1.13 trillion yuan, a year-on-year decrease of 123.4 billion yuan. Since July 2021, the medium and long-term loans of enterprises have increased continuously. Liang Si, a researcher at the Research Institute of Bank of China, said that the main reason is that since the second half of 2021, the epidemic has superimposed factors such as high commodity prices, which has had a sustained impact on the production plan and normal operation of enterprises, disrupted the demand for medium and long-term credit, resulting in weak demand for credit. Correspondingly, bill financing has increased continuously since June 2021, indicating that the capital demand of enterprises is mainly used for short-term rescue. In 2021, the increment of social financing scale increased less year-on-year. Except for foreign currency loans and stock financing, most of the other subjects increased less. However, in terms of structure, RMB loans to the real economy accounted for 63.6% of the social financing scale in the same period, up 6 percentage points year-on-year; Foreign currency loans to the real economy accounted for 0.5% in RMB, a year-on-year increase of 0.1 percentage points. In addition, in December, the increment of social financing scale was 2.37 trillion yuan, 720.6 billion yuan more than the same period last year and 166.9 billion yuan more than the same period in 2019. Wen bin, chief researcher of China Minsheng Bank, said that structurally, RMB loans to the real economy accounted for 63.6% of social finance in the same period in 2021, which increased by 6 percentage points year-on-year, mainly due to the return of finance to its origin, the implementation of policy requirements to serve the real economy and the continuous increase of credit support. At the end of December, the stock of social financing scale reached 314.13 trillion yuan, a year-on-year increase of 10.3%, an increase of 0.2 percentage points over the end of last month, and the overall social credit level improved. Wang Qing, chief Macro Analyst of Dongfang Jincheng, said that the "good start" feature of credit will be more obvious in January 2022. In addition, in 2022, the amount of special bonds of local governments will be released in advance, and the growth rate of social finance will continue to accelerate in the first quarter. "The subsequent credit easing process will shift from government financing to enterprise and government financing. This will provide important support for stabilizing the macroeconomic market in the first half of this year and hedging the triple pressure of shrinking demand, supply shock and weakening expectations." Wang Qing said. (outlook new era)