Where did the over trillion yuan in new loans go? — A closer look at financial data for the first few months.

The financial statistics for the month of the sun and the moon have been released, revealing many bright spots in the credit structure. In the first few months, over one trillion yuan in new loans were allocated to which fields? What are the characteristics of corporate and resident loan growth?

The financial statistics released by the People's Bank of China on the same day show that by the end of the month, the balance of RMB loans in China was . trillion yuan, an increase of % year-on-year; the stock of social financing was . trillion yuan, an increase of .% year-on-year.

Credit disbursement remains stable overall, with financial support for the real economy maintaining solidity. Wen Bin, Chief Economist at China Minsheng Bank, believes that on one hand, the scale of loan issuance continues to expand, further revitalizing existing credit assets; on the other hand, credit structure continues to optimize, and the effectiveness of financial support for the five major articles is becoming evident.

Market institutions estimate that the loan disbursements of major financial institutions in the first three quarters exceeded a trillion yuan, nearly a trillion yuan more than the same period last year, and nearly a trillion yuan more than the same period last year. Since the beginning of this year, both the amount of credit recovered and the amount newly disbursed have grown rapidly in tandem, reflecting from one aspect the further improvement in the efficiency of credit allocation.

From the perspective of the structure of new credit, both corporate and household loans have shown bright spots. Since the beginning of this year, corporate loans, especially long-term corporate loans, have increased significantly, providing ample financial support for stabilizing investment. Data shows that in the first months, loans to enterprises (including institutions) in China increased by . trillion yuan, making them the main force in loan growth. Among them, long-term loans increased by . trillion yuan, accounting for over 70%.

Specifically, where did the credit funds flow? Reporters learned from the People's Bank of China that by the end of the month, the outstanding loans to specialized and innovative enterprises amounted to . trillion yuan, an increase of .% year-on-year; the outstanding loans to technology-based small and medium-sized enterprises reached . trillion yuan, up by % year-on-year; and the outstanding loans for inclusive micro and small enterprises were around trillion yuan, with an increase of around % year-on-year. These loan growth rates all exceeded the growth rate of total loans for the same period.

Meanwhile, in the previous month, household loans in our country increased by several trillion yuan. Reporters learned from the People's Bank of China that the scale of personal housing loans in our country stabilized in the month, significantly better than the average monthly decrease of several billion yuan in the previous months, and also better than the same period in the previous two years.

"The various policies implemented in the early stages have gradually taken effect, continuously demonstrating their support for the economy." Dong Ximiao, Chief Researcher at China Unionpay, stated that particularly since the end of last month, the People's Bank of China has optimized and adjusted real estate financial policies, and created two monetary policy tools to support the capital market, with positive market responses.

Data shows that by the end of the month, the balance of broad money () increased by .% year-on-year, with the growth rate continuing to rise; the balance of narrow money () grew faster than the previous month, narrowing the "scissors gap" with , indicating a stabilization and improvement in the economy.

Dong Ximiao believes that a package of incremental financial policies has effectively improved expectations, leading some investors to shift their risk preferences towards a more positive stance. With the introduction of new tools supporting the capital market, commercial banks have increased their financing to non-banking institutions, directly driving an increase. Additionally, fiscal spending has accelerated, with more fiscal deposits being converted into corporate deposits.

Since the beginning of this year, China's interest rate levels have maintained a stable and downward trend, further reducing financing costs for enterprises and residents. Reporters learned from the People's Bank of China that the weighted average interest rate for newly issued corporate loans is around .%; the interest rate for newly issued personal housing loans is around .%, both at historical lows.

"Considering that some incremental policies are still being implemented, the processes of loan review, credit approval, and disbursement also require time, the effects of future policies will further transmit and manifest." Wen Bin stated that under a series of incremental policy supports, social expectations and market confidence will continue to improve, financing demand will further enhance, and financing costs are also expected to decrease.

The People's Bank of China recently released its third-quarter China Monetary Policy Implementation Report, which states that in the next stage, the People's Bank of China will steadfastly adhere to a supportive monetary policy stance, intensify the regulation of monetary policy, and create a favorable monetary and financial environment for stable economic growth and high-quality development.