According to the data released by the people's Bank of China on June 10, the increment of social financing scale in May was 2.79 trillion yuan, 839.9 billion yuan more than the same period last year. In May, RMB loans increased by 1.89 trillion yuan, a year-on-year increase of 392billion yuan. At the end of May, the balance of broad money (M2) was 252.7 trillion yuan, an increase of 11.1% year-on-year, 0.6 and 2.8 percentage points higher than that at the end of last month and the same period of last year respectively. Industry insiders generally believe that the overall growth of financial data this month exceeded expectations, reflecting the requirements of monetary and financial policies to implement a package of stable growth policies, and the financial support services to the real economy have been gradually increased. In terms of the scale of new social financing, in May, new social financing was 2.79 trillion yuan, an increase of about 1.88 trillion yuan month on month, an increase of 839.9 billion yuan year on year, boosting the year-on-year growth rate of social financing stock at the end of the month by 0.3 percentage points to 10.5% compared with the end of last month. Wangqing, chief Macro Analyst of Dongfang Jincheng, said that from the perspective of sub items, the substantial increase in social finance in May was mainly driven by RMB loans and government bond financing invested in the real economy. In terms of RMB loans, due to the large year-on-year increase in RMB loans this month, the cumulative new scale of RMB loans in the first five months of this year exceeded that in the same period last year, an increase of 232.6 billion yuan over the same period last year. Wang Qing said that in May, as the impact of the epidemic eased and the economic recovery process began, the loan demand restrained in the early stage went through a release process. In addition, the current policy has made greater efforts to promote banks to expand credit, and the new loans in that month have significantly strengthened, exceeding the general expectations of the market. However, insiders also said that the structure of new RMB loans still needs to be improved. Dongximiao, chief researcher of Zhaolian finance, said that from the perspective of RMB loan increment, there are both ups and downs. Fortunately, loans to enterprises (Institutions) increased by 1.53 trillion yuan, an increase of 729.1 billion yuan year-on-year. Among them, medium - and long-term loans increased by 555.1 billion yuan, indicating that business confidence and expectations have recovered. The worry is that among the incremental loans of enterprises (Institutions), short-term loans and bill financing increased by 264.2 billion yuan and 712.9 billion yuan respectively. In other words, the loan increment of enterprises (Institutions) mainly comes from the impulse of short-term loans and bill financing. Looking to the future, dongximiao said that macro policies should continue to exert sufficient force, walk ahead of the market curve, and help market players to relieve difficulties and steadily recover the real economy. Financial institutions should further enhance their social responsibilities, properly optimize the allocation of financial resources, appropriately adjust credit systems and processes, and better meet the needs of the real economy, especially regions and industries greatly affected by the epidemic, while adhering to the principle of commercial sustainability and overall controllable risks. (Xinhua News Agency)