The latest data from the People's Bank of China shows that in the first two months of this year, RMB loans increased by 5.61 trillion yuan.

As of the end of February, the scale of social financing (that is, the total amount of funds received by the entire economy from the financial system) reached 451.4 trillion yuan, an increase of 8.2% over the same period last year; The total amount of new social finance in the first two months was 9.6 trillion yuan.

According to expert analysis, this year's macro policies have been more active and powerful, which has promoted the increase in financial support. At the same time, the pace of bank lending is also more stable and balanced, with no "big ups and downs", showing that economic support is steadily increasing.

Financial "living water" continues to be injected into the real economy

The latest data shows that as of the end of February, China's social financing scale increased by 8.2% year-on-year, and broad money (M2) increased by 9% year-on-year - both of which are significantly higher than the current growth rate of nominal GDP, indicating that the overall financial environment is still loose and provides strong support for the steady recovery of the economy.

Why is the total financial volume growing so fast?

On the one hand, monetary policy is more active: the central bank continues to implement moderately loose policies this year, and introduced a number of new measures at the beginning of the year, such as lowering interest rates on structural instruments, expanding the scope of support, increasing capital investment, etc., while ensuring sufficient liquidity in the banking system.

On the other hand, fiscal policy is also making efforts: the amount of new government bonds this year is as high as 11.89 trillion yuan, and the issuance has been accelerated since the beginning of the year, which has directly driven the growth of social financing.

Will it continue to maintain this momentum in the future?

Experts think so. Since March, enterprises have resumed work and production, and financing demand has increased significantly. Coupled with the accelerated start of major projects in the "15th Five-Year Plan", the supporting financing demand will also be steadily released, and it is expected that the total financial volume will continue to maintain reasonable growth.

Loans are just the "tip of the iceberg".

It is worth noting that at the end of February, RMB loans accounted for 60.7% of the social financing stock, government bonds accounted for 21.6%, and corporate bonds accounted for 7.7%. This shows that corporate financing has long been based on bank loans.

Nowadays, enterprises will flexibly choose between bank loans, bond issuance, equity financing and other methods according to factors such as cost and purpose. There will be a relationship between different channels - for example, a certain month has fewer loans, which may be because the company has changed its issuance of bonds.

Therefore, it is not possible to judge that financial support is weakening just by looking at the short-term fluctuations in loan growth. No matter which channel the money comes from, as long as it enters the pocket of the enterprise, it will eventually become the "blood" of investment, production and employment, which really supports economic development.

Credit growth is more stable and solid, and positive signals are increasing

In the first two months of this year, RMB loans increased by 5.61 trillion yuan, maintaining a reasonable and stable growth pace as a whole.

In the past, banks often "impulsed" at the beginning of the year, resulting in large fluctuations in loan data. But in recent years, central banks have been guiding financial institutions to lend more steadily and sustainably. This year is particularly obvious: there was no "surprise lending" in January, and although there were more Spring Festival holidays and 3 fewer working days than last year in February, credit growth remained stable - indicating that banks are arranging the pace of lending throughout the year more scientifically, so that the supply of funds can better match the real needs of the real economy.

Why is credit growth more confident? There is good news on both sides of supply and demand.

From the demand side:

A series of national policies to expand domestic demand are taking effect, coupled with the ultra-long Spring Festival holiday driving consumption to heat up, enterprises and residents are more willing to lend.

For example, a "credit repair" policy helps some individuals with flawed credit records restore their financing qualifications; Fiscal discounts reduce the cost of people's consumption and business operations, and further release credit demand.

From the supply side:

At the beginning of this year, the central bank set up a special re-lending tool for private enterprises, and the first batch of funds has been issued in Beijing, Hubei, Zhejiang, Chongqing and other places.

This new policy just fills this gap, while continuing to support small and micro private enterprises, it also includes medium-sized private enterprises in the scope of support, accurately alleviating their financing problems.

In general, credit growth is becoming more balanced and accurate, which not only stabilizes the total amount, but also better serves the "capillaries" of the real economy.

Monetary policy remains flexible and seeks progress while maintaining stability

This year's government work report makes it clear that we will continue to implement a moderately loose monetary policy.

Pan Gongsheng, governor of the central bank, also said that in the future, a variety of policy tools will be flexibly used to combine new policies with existing policies, monetary policy and fiscal policies to form a joint force, improve the effect of macro policies, and provide support for the "15th Five-Year Plan" to get off to a good start.

Experts pointed out that China's economic fundamentals are supported and it is fully qualified to maintain a loose but not excessive monetary environment. However, in the face of uncertainties such as the complex external environment and the need to consolidate the foundation of internal recovery, it is particularly important to maintain policy flexibility - take action when it is time to make a move, and adjust it in a timely manner.

In fact, in recent years, the central bank has taken a supportive stance: it has launched several rounds of strong policies, with the aim of stabilizing growth and expectations.

These measures are not "one-size-fits-all", but are adjusted in a targeted manner according to economic and market changes - sometimes focusing on stabilizing confidence, sometimes focusing on cost reduction, sometimes responding to corporate financing problems, and always doing a balance between "counter-cyclical" and "cross-cyclical".

In the long term, experts emphasize:

Establishing a scientific and sound monetary policy system is a systematic project. It is not only about how the central bank operates, but also about the upgrading of the entire macroeconomic governance method.

In the future, it is necessary to adhere to the general tone of "steady", find a good rhythm between short-term stable growth and long-term risk prevention, internal stability and external balance, avoid "flooding" or "sudden brakes", and let the economy run smoothly within a reasonable range.