Central Bank of China: The stock of social financing at the end of August was 464.8 trillion yuan

China News Service, Beijing, September 14 (Tao Siyue) The latest data released by the Central Bank of China on the 14th showed that preliminary statistics showed that the stock of social financing at the end of August was 464.8 trillion yuan (RMB, the same below), a year-on-year increase of 7.2%. Among them, the balance of RMB loans issued to the real economy was 278.63 trillion yuan, a year-on-year increase of 5%.

From an incremental perspective, the cumulative increase in social financing in the first eight months was 23.91 trillion yuan, 2.64 trillion yuan less than the same period last year. Among them, RMB loans issued to the real economy increased by 10.23 trillion yuan, a decrease of 2.71 trillion yuan year-on-year.

The scale of social financing reflects the total amount of funds received by residents, non-financial enterprises and the government from the financial system in a certain period of time. From a structural perspective, the balance of RMB loans issued to the real economy at the end of August accounted for 59.9% of the total social financing scale in the same period, 1.3 percentage points lower than the same period last year; the balance of government bonds accounted for 22.3%, 1.2 percentage points higher than the same period last year.

Industry insiders said that the expansion of total credit volume in August was not weak, but the structure has changed. Bond and stock financing grew rapidly, while loan growth slowed down relatively. This change in financing structure is long-term and trendy. As the supply and demand relationship in the real estate market changes and the debts of local financing platforms are resolved, the credit demand of capital-intensive enterprises with relatively high "loan density" has declined. However, the "loan density" of new productivity fields represented by technological innovation has been relatively low, and financing channels have become more abundant. Various sources of funds such as equity investment, bank loans, corporate bonds, financial leasing, and supply chain finance can all play a role.