Xinhua News Agency, Beijing, February 11thQuestion: The new credit of 4.9 trillion yuan in the first month of the year released a strong signal of accelerated economic recovery
Xinhua News Agency reporter
4.9 trillion yuan! In January 2023, my country’s new RMB loans hit a record high in a single month, releasing a strong signal of accelerated economic recovery.
Since the beginning of the year, many places have sounded the horn of construction, and a large number of major construction projects have started construction. The consumer markets such as entertainment, tourism, and catering continue to be hot… With the accelerated recovery of my country’s economy, the financial sector has taken multiple measures to help the real economy and stabilize the economy. Contribute financial strength to the good.
The booming credit supply and demand help the economy stabilize and improve
On the construction site of the Jingjiang Yangtze River Tunnel Project in Jiangyin, Jiangsu, vehicles are coming and going, machines are rotating, and there is a hot construction scene.
As a super-large-diameter, super-deep buried river-crossing tunnel in China, the project can be advanced in a timely manner without financial support. On the first day of the year, the 100 million yuan loan fund issued by the Jiangsu Branch of the Agricultural Bank of China arrived in time, providing a strong financial guarantee for the advancement of the project.
Since the beginning of the year, financial support for economic recovery has been directly reflected in financial data. According to data released by the People’s Bank of China on February 10, my country’s RMB loans increased by 4.9 trillion yuan in January, an increase of 922.7 billion yuan year-on-year. Among them, loans to enterprises (institutions) increased by 4.68 trillion yuan, especially medium and long-term loans to enterprises accounted for more than 70%.
“Reasonably grasp the intensity and pace of credit extension, and make timely efforts.” Xuan Changneng, deputy governor of the People’s Bank of China, recently said that this year’s prudent monetary policy should focus on supporting the expansion of domestic demand on the one hand, and ensuring the total social demand in terms of aggregate. On the other hand, it is necessary to give full play to the guiding role of structural monetary policy tools to promote a high-level dynamic balance between effective supply and effective demand.
The reporter learned that although the working days in January were reduced due to the impact of the Spring Festival holiday, many state-owned major banks saw a significant increase in credit extension that month, hitting a new high in the same period in recent years.
In January, Industrial and Commercial Bank of China issued more than 900 billion yuan in corporate loans, with a net increase of 1.5 times that of the same period last year; the new RMB loans of the Agricultural Bank of China and the Postal Savings Bank of the month hit a record high in the same period of the year; Both hit the highest level in the past three years.
Wen Bin, chief economist of China Minsheng Bank, believes that with the optimization and adjustment of epidemic prevention and control measures, the economic recovery has accelerated, and the financing demand of market players has increased significantly. Driven by a series of financial policies, the pace of bank credit extension is clearly advanced, which will help boost market confidence and further stimulate the vitality of market players.
Bank credit is allocated to key areas and weak links
What areas are new loans mainly invested in? The reporter learned from a number of banks that since the beginning of the year, credit growth in the fields of manufacturing, inclusive small and micro enterprises, infrastructure construction, and technology innovation has been relatively obvious, and financial resources are mainly tilted towards key areas and weak links.
On the eve of the Spring Festival holiday, Jinan Senfeng Laser Technology Co., Ltd. received a loan of 20.7 million yuan from CITIC Bank, which made Sun Fenghe, the company’s financial director, quite happy. “The new project originally planned to go online was once affected by the saturation of production capacity utilization. The bank’s credit support has greatly helped the company’s existing production capacity, and supported the company to further develop new products and expand downstream laser applications.”
In order to support manufacturing enterprises such as Senfeng Laser, a number of commercial banks, including China CITIC Bank, have introduced special measures in terms of credit review, pricing, and assessment to guide and encourage credit resources to invest in the manufacturing sector. According to a relevant person from ICBC, as of now, ICBC’s manufacturing loans have increased by more than 200 billion yuan compared with the beginning of the year, which is 2.1 times the increase in January last year.
Wang Qing, chief macro analyst of Dongfang Jincheng, said that behind the precise drip irrigation of financial resources is the effective guiding role of structural monetary policy tools. After fully tapping the potential of various structural monetary policy tools, banks have increased credit extension in areas such as inclusive finance, green development, technological innovation, and infrastructure construction.
The reporter learned that in January, Bank of Communications’ manufacturing medium and long-term loans, green credit, and strategic emerging industry loans and other key service entities achieved a year-on-year increase; 60% of the new loans of the Agricultural Bank of China that month were invested in rural revitalization and inclusive Financial sector: Postal Savings Bank will invest more credit resources in key areas such as “agriculture, rural areas and farmers”, small and micro enterprises, infrastructure construction, and manufacturing.
Prioritize support for recovery and expansion of consumption
At present, the economy is generally stable and improving, but the foundation for recovery is still not solid. This requires further improving the quality and efficiency of financial services for the real economy, prioritizing support for recovery and expansion of consumption, and providing key impetus for the subsequent accelerated recovery of the economy.
In January, my country’s household loans increased by 257.2 billion yuan, an increase of more than 80 billion yuan compared with December 2022. However, the financing needs of residents need to be further improved.
Xuan Changneng previously stated that the financial sector will further promote the reduction of comprehensive financing costs of enterprises and personal consumption costs, reduce the debt burden of micro-entities, and increase the consumption capacity of residents and enterprises. At the same time, encourage bulk consumption such as housing and automobiles, and strengthen comprehensive financial support for service consumption in key areas such as education, culture, and sports.
“Personal consumption loans are generally improving steadily.” A relevant person from Postal Savings Bank told reporters that the bank will further leverage its inclusive financial characteristics, increase financial support for residents’ consumption, support rigid and improved housing needs, and actively help restore and expand consumption. .
The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission stated that there are currently more than 30,000 financial products covering new citizens. The next step will be to promote banking and insurance institutions to further penetrate into the new citizen groups, grasp the financial needs of new citizens more accurately, and continue to improve the quality and efficiency of financial services for new citizens.
Experts said that financial services have great potential in terms of expanding investment, promoting consumption, and stabilizing foreign trade. It is necessary to maintain the continuity and stability of financial policies, improve the accuracy and effectiveness of policies, and continue to maintain a stable monetary policy environment to consolidate the economic stabilization and improvement at the beginning of the year. (Reporters Wu Yu, Li Yanxia, Pan Ye, Zhang Qianqian)