According to preliminary statistics released by the People's Bank of China on the 14th, the stock of social financing scale at the end of 2024 was 408.34 trillion yuan (RMB, the same below), a year-on-year increase of 8%. Among them, the balance of RMB loans issued to the real economy was 252.53 trillion yuan, a year-on-year increase of 7.2%. In terms of increment, the cumulative increment of social financing scale for the whole year of 2024 is 32.26 trillion yuan, which is 3.32 trillion yuan less than the previous year. Among them, RMB loans issued to the real economy increased by 17.05 trillion yuan, a year-on-year decrease of 5.17 trillion yuan. Liang Si, a researcher at the Bank of China Research Institute, stated that since the third quarter of 2024, with the implementation of the debt conversion plan, the issuance of local bonds has accelerated again, driving a significant expansion in the scale of government bond financing. From November to December 2024, the total net financing of government bonds reached 3.07 trillion yuan, an increase of 986.5 billion yuan year-on-year. Liang Si stated that vigorously tapping into domestic demand and meeting the funding needs of enterprises and residents will become an important direction for China's macroeconomic regulation policies in 2025. Combined with the impact of the base effect, it is expected that major financial data will significantly warm up. Market insiders indicate that with the continued effectiveness of subsequent policies, China's effective financing demand is expected to further improve, and the financial sector will continue to make efforts to guide more financial resources to flow towards major strategic areas, key sectors, and weak links, jointly supporting the sustained and stable growth of the total financial volume. (New Society)