Li Xunlei: Compared with normal years, the increase in social financing in May is not a lot of money and credit to support the real economy.

Original title: Li Xunlei: Compared with normal years, the increase in social financing in May is not a lot of money and credit to support the real economy.

Summary

[Li Xunlei: Compared with normal years, the increase in social financing in May is not a lot of money and credit to support the real economy.]Data released by the People’s Bank of China on the 10th showed that the amount of new RMB loans in May was 1.50 trillion yuan, and the scale of social financing The increment is 1.92 trillion yuan. In an interview with reporters, Li Xunlei, chief economist of Zhongtai Securities, said that the financial data in May showed that loans have firmly supported the real economy. In the first five months, new RMB loans increased by 10.6 trillion yuan, an increase of 359 billion yuan year-on-year, and continued to increase year-on-year. (Securities Times Network)

peoplebankAccording to data released on the 10th, RMB loans increased by 1.50 trillion yuan in May, and the scale of social financing increased by 1.92 trillion yuan.Zhongtai SecuritiesChief Economist LeeThunderIn an interview with reporters, the financial data in May showed that loans provided solid support to the real economy. In the first five months, new RMB loans increased by 10.6 trillion yuan, an increase of 359 billion yuan year-on-year, and continued to increase year-on-year.

LeeThunderAccording to the report, the new RMB loans of 1.50 trillion in May will increase by 14.3 billion yuan from the high base during the response to the epidemic in 2020, which is an increase of 312.7 billion yuan over the same period in 2019. The financing needs of the real economy are relatively strongly supported. Support the sustained recovery of the economy. In May, the manufacturing industrySMEsIt is in the expansion range for 15 consecutive months. The non-manufacturing PMI is 55.2, a further increase from the previous month; the year-on-year growth rate of exports remained at a high level of 18.1%, and the year-on-year increase of imports by 39.5% showed that exports remained resilient and the economy The endogenous driving force for growth continues to increase.

At the same time, the growth rate of M2 and social financing scale remained stable, basically matching the nominal economic growth rate. At the end of May, M2 increased by 8.3% year-on-year, up 0.2% from the end of April. The increase in the scale of social financing in May was 1.92 trillion yuan, 1.27 trillion yuan less than the same period in 2020, and 208.1 billion yuan more than the same period in 2019.

LeeThunderIt is believed that the growth rate of social financing is 11%. Although it has fallen from the end of April, it has maintained a high growth rate of more than 11% for 15 consecutive months. The increase of social financing is not much compared with normal years. The structure is also relatively good. During the response to the epidemic last year, enterprises had more additional financing needs, and financial institutions fully met them. The increase in social financing was significantly higher than in normal years. This year, the business situation of enterprises has improved, and it is normal for the increase in social financing to decline accordingly.

From a structural point of view, Li Xunlei said that the RMB loans issued by financial institutions to the real economy have grown reasonably, and the growth rate of stock financing has continued to rise. Indirect financing and direct financing have jointly made efforts to support the real economy. The year-on-year decrease in the increase in the scale of social financing was mainly affected by the three off-balance sheet items and government bonds. In May, entrusted loans, trust loans, undiscountedbankAcceptance bills have all decreased, with a total decrease of 285.5 billion yuan over the same period last year. This year’s new local government debt limit was issued later than last year. In May, net government bond financing was 466.1 billion yuan less than the same period last year, which also had a downward effect on the increase in social financing.

“Generally speaking, currentlycurrencyThe policy has maintained continuity, stability, and sustainability. The intensity and pace of the policy have been relatively well grasped, reflecting the central bank’s emphasis on stabilizing the word and focusing on the balance of supply and demand across cycles. “Li Xunlei said.

(Source: Securities Times Net)

(Editor in charge: DF062)