Financial data in February continued strong growth momentum and market confidence and expectations continued to recover
2023-03-15
The financial statistics released by the People's Bank of China on March 10 showed that at the end of February, the balance of broad money (M2) was 275.52 trillion yuan, an increase of 12.9% year on year, and the growth rate was 0.3 and 3.7 percentage points higher than that at the end of last month and the same period last year respectively; In February, RMB loans increased by 1.81 trillion yuan, an increase of 592.8 billion yuan year-on-year. According to preliminary statistics, the increase of social financing scale in February was 3.16 trillion yuan, 1.95 trillion yuan more than the same period last year. Industry insiders said that the financial data in February continued the strong trend in January, and credit supply and demand were booming. Combining with previous PMI and other indicators, it showed that market confidence and expectations continued to recover, and the macro economy was accelerating to improve. After last month, M2 growth rate reached the highest level since mid-2016. Dong Ximiao, chief researcher of Zhaolian Finance, believes that the main reason for the new high growth rate of M2 is that the loan scale has reached a new high, the financial sector has advanced to increase the money supply, the bank's ability to create money has been enhanced, and the RMB deposits, especially household deposits, have increased significantly year on year. This shows that monetary policy is more precise and powerful, market liquidity is more abundant, and financial support for the real economy is greater. Similarly, on the basis of the substantial increase last month, RMB loans continued to maintain a relatively fast growth rate and continue the "good start" trend of credit. Dong Ximiao analyzed that the acceleration of RMB loans is the main contribution. In terms of structure, loans from enterprises and institutions increased by 1.61 trillion yuan. The rapid growth of RMB loans, especially loans from enterprises (institutions), is mainly due to the fact that after the Spring Festival, various regions have taken a series of measures to stabilize the economy and promote development, increase the construction of major projects, boost the confidence of business entities, and promote the continued increase of financing demand. Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, believes that the growth of new credit in February was stronger than expected, and the credit structure was optimized. The main contribution came from the simultaneous improvement of corporate and residential sector credit. The main reason was that the impact of domestic epidemic interference was weakened, the policy of bailing out and stabilizing growth supported the recovery of corporate and residential confidence, and the resumption of work and production, the resumption of business and the resumption of the market after the holiday were accelerated, and the demand for credit warmed up, And the domestic infrastructure investment has maintained a high momentum to drive the credit demand. In addition, bank credit continued to be more active in February, and continued to increase support for weak links of the real economy and key emerging areas such as manufacturing and infrastructure. "From the structural point of view, while increasing credit support for the real economy, the credit structure is more optimized, and the support for key areas and weak links is more significant." Pang Ming, chief economist and director of research department of Jones Lang LaSalle in Greater China, said that the recovery of credit demand in the residential sector is obvious, and the dislocation factor of the Spring Festival has led to the increase of automobile consumption in February, which has led to a significant improvement in short-term loans for residents, and the sales of the real estate market has rebounded The tide of early repayment of loans has cooled on a month-on-month basis, supporting the year-on-year increase of medium and long-term loans; The prosperity of enterprises continued to pick up and improve, the physical workload of major projects and the commencement of infrastructure construction further accelerated, driving the increase of new medium and long-term loans of enterprises. In terms of social finance, the increase in new social finance was more than that of the same period last year, mainly contributed by the improvement of real economy credit, government bond financing and off-balance-sheet bill financing. Zhou Maohua further said that February
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic dairy
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