Financial support for the real economy remains stable
2024-04-19
In the first quarter, China's total financial output steadily increased, and the financial support for the real economy remained stable. The financing cost has remained stable with a slight decrease, and the interest rate for newly issued corporate loans has decreased by 0.22 percentage points year-on-year. The operation of the foreign exchange market shows strong resilience, with overall balanced cross-border capital flows, and market expectations and transactions remaining rational and orderly. In the first quarter, a new social financing scale of 12.9 trillion yuan and a new RMB loan of 9.5 trillion yuan were added; The interest rate for newly issued corporate loans in the first quarter was 3.75%, a year-on-year decrease of 0.22 percentage points; As of the end of March, the scale of China's foreign exchange reserves was 3245.7 billion US dollars, an increase of 7.7 billion US dollars from the end of 2023... On April 18th, at a press conference held by the State Council Information Office, relevant officials from the People's Bank of China and the State Administration of Foreign Exchange introduced the financial operation and foreign exchange receipts and payments in the first quarter of this year. "Overall, a series of monetary policy measures introduced earlier are gradually playing a role, and the national economy continues to recover and has a good start." Zhu Hexin, Vice President of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated at a press conference that since the beginning of this year, the People's Bank of China and the State Administration of Foreign Exchange have comprehensively used various policy tools to support the economic recovery, lowered reserve requirements by 0.5 percentage points, released more than 1 trillion yuan of medium - and long-term liquidity, maintained reasonable and sufficient liquidity in the banking system, timely lowered interest rates, lowered agricultural and small loan refinancing and rediscount rates by 0.25 percentage points, guided the market quoted interest rate (LPR) of loans with a maturity of more than 5 years to decrease by 0.25 percentage points, and secured supplementary loans worth 500 billion yuan. The (PSL) quota has been disbursed and a 500 billion yuan loan for technology innovation and technological transformation has been established. At the same time, we will promote the stable operation of the foreign exchange market, implement comprehensive measures to maintain the basic stability of the RMB exchange rate, strengthen the supply of foreign exchange facilitation policies for cross-border trade and investment, steadily promote high-level opening up in the foreign exchange field, and orderly promote the reform of bank foreign exchange business. "Up to now, the policy implementation has achieved good results." Zhu Hexin said that from the implementation effect, the total financial volume of China remained stable in the first quarter, and the financial support for the real economy remained stable. Data shows that in the first quarter, financing costs in China remained stable with a slight decrease. The interest rate for newly issued corporate loans was 3.75%, a year-on-year decrease of 0.22 percentage points. In particular, the interest rate for newly issued personal housing loans was 3.71%, a year-on-year decrease of 0.46 percentage points. "The loan disbursement ratio in the first quarter of this year has returned to the historical average level, leaving enough space for credit growth in the next three quarters," said Zhu Hexin. "Overall, the growth of social financing scale in the first quarter is basically in line with the expected goals of economic growth and price levels this year, especially achieving a growth of about 8.7% on the basis of last year's high base, which is actually not low." Zhang Wenhong, head of the Survey and Statistics Department of the People's Bank of China, introduced that since the beginning of this year, the pace of credit supply in China has been stable, and financial institutions have maintained a reasonable growth in RMB loans issued to the real economy. Since the beginning of this year, the external environment has remained complex and ever-changing. The Chinese economy has continued to rebound and improve, the foreign exchange market has shown strong resilience, the overall balance of cross-border capital flows, market expectations, and
Edit： Responsible editor：
Source：
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Economy
Recommended Reading Change it 
Home
