China’s financial data for 2020, including new credit and broad money M2, which represents broad liquidity, are fully announced.
The latest data released by the People’s Bank of China on January 12 show that in 2020, RMB loans will increase by 19.63 trillion yuan, an increase of 2.82 trillion yuan year-on-year. This new data on RMB loans set a record for annual loans since the statistics were available. The 19.63 trillion yuan scale is also consistent with the nearly 20 trillion yuan increase that the central bank governor Yi Gang estimated in the middle of last year.
From a structural point of view, the increase in medium and long-term loans in the household sector, which is considered to reflect personal housing loans, accounted for 30% of all new loans, a further increase from 2019 reduce. Medium and long-term loans to enterprises have grown significantly, an increase of 292 million yuan year-on-year, accounting for nearly 45% of new RMB loans in the whole year.
Specifically, in 2020, by sector, household loans will increase by 7.87 trillion yuan, of which short-term loans will increase by 1.92 trillion yuan, and medium and long-term loans will increase by 5.95 trillion yuan. RMB; corporate (institution) loans increased by 12.17 trillion yuan, of which short-term loans increased by 2.39 trillion yuan, medium and long-term loans increased by 8.8 trillion yuan, bill financing increased by 738.9 billion yuan; loans from non-banking financial institutions decreased by 470.6 billion yuan yuan.
In addition, in December 2020, RMB loans increased by 1.26 trillion yuan, an increase of 117 billion yuan year-on-year, in line with market expectations.
Compared with new RMB loans, the growth of social financing in December last year was not as good as market expectations.
In December 2020, the scale of social financing will increase by 1.72 trillion yuan, which is 482.1 billion yuan less than the same period of the previous year, which is lower than the market’s expected over 2 trillion yuan scale.
From the perspective of the whole year, the cumulative increase in social financing is 34.86 trillion yuan, which is 9.19 trillion yuan more than the previous year. Last year, Zhongyi Gang predicted that the increase in social financing in 2020 will exceed 30 trillion yuan.
From a structural point of view, domestic and foreign currency loans, government bond net financing, and corporate bond net financing to the real economy have all increased significantly compared with 2019, of which government bond net financing An increase of 3.62 trillion yuan.
Specifically, the RMB issued to the real economyLoans increased by 20.03 trillion yuan, a year-on-year increase of 3.15 trillion yuan; foreign currency loans issued to the real economy increased by 145 billion yuan, an increase of 272.5 billion yuan year-on-year; entrusted loans decreased by 395.4 billion yuan, a year-on-year decrease of 544.2 billion yuan; Trust loans decreased by 1.1 trillion yuan, a year-on-year decrease of 755.3 billion yuan; undiscounted bank acceptances increased by 174.6 billion yuan, an increase of 650.3 billion yuan year-on-year; net corporate bond financing was 4.45 trillion yuan, an increase of 1.11 trillion yuan year-on-year; the government Net bond financing was 8.34 trillion yuan, an increase of 3.62 trillion yuan year-on-year; domestic equity financing of non-financial enterprises was 892.3 billion yuan, an increase of 544.4 billion yuan year-on-year.
The year-on-year growth rate of M2, which reflects liquidity, has dropped sharply, setting a new low since February 2020 (the year-on-year growth rate of M2 in the month was 8.8%). This is 1.4 percentage points lower than the end of November 2020.
Central Bank data shows that as of the end of December, the balance of broad money (M2) was 218.68 trillion yuan, a year-on-year increase of 10.1%, and the growth rate was 0.6 percentage points lower than the end of last month. The same period last year was 1.4 percentage points higher; the balance of narrow money (M1) was 62.56 trillion yuan, an increase of 8.6% year-on-year, and the growth rate was 1.4 percentage points lower than the end of the previous month and 4.2 percentage points higher than the same period last year; the balance of currency in circulation (M0) 8.43 trillion yuan, a year-on-year increase of 9.2%. The net cash input for the year was 712.5 billion yuan.