A quick look at the financial data from January to April
Financial support for the real economy is solid
Editor's note
In recent years, with the transformation and upgrading of the mainland's economy and high-quality development, the relationship between the mainland's credit growth and economic growth is changing. Although the mainland's total credit has slowed down from a high growth rate of more than double digits in the past to single digits, this does not mean that financial support for the real economy has weakened. The latest data released by the People's Bank of China shows that from January to April, the quality and efficiency of the mainland's financial support for the real economy continued to improve, and the strength of financial support for the real economy remained stable.
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■China Economic Times reporter Hu Pan
In recent years, with the transformation and upgrading of the mainland's economy and high-quality development, the relationship between the mainland's credit growth and economic growth has tended to weaken. At present, the total credit volume of the mainland has slowed down from the past high growth rate of more than double digits to single digits, but this does not mean that the strength of financial support for the real economy has weakened. We need to correctly understand the changes in the relationship between credit and economic growth, maintain a reasonable financing environment, and promote the transformation and upgrading of enterprises and high-quality economic development.
The People's Bank of China recently released the "China Monetary Policy Implementation Report for the First Quarter of 2024" (hereinafter referred to as the "Report"), which shows that at present, the mainland's economic restructuring, transformation and upgrading are accelerating, the economy is lighter, and the credit structure is also being optimized and upgraded. At the same time, with the recovery of effective demand and the improvement of social expectations, the efficiency of capital turnover has been improved, and the phenomenon of capital precipitation is also alleviating. It is worth mentioning that the growth of the huge monetary aggregate may slow down, but this does not mean that the strength of financial support for the real economy is weakened, but it is a reflection of the financial support for the real economy to improve quality and efficiency.
The report points out that starting from the fundamental purpose of serving the real economy, credit delivery should be adapted to the needs of high-quality economic development in the final analysis. It is necessary to scientifically understand the relationship between credit growth and economic growth, change the traditional thinking of one-sided pursuit of scale, and pay more attention to grasping the tightness and appropriateness of the financing environment at the macro level. With the increase and decrease of the credit structure, the financial resources that are occupied by inefficiency, reduce the idling and precipitation of funds, and vigorously develop direct financing, which may slow down the growth rate of total credit, but efficient enterprises that really need funds will get more financing, so as to improve the efficiency of capital use and the quality and efficiency of financial support.
In the next stage, the prudent monetary policy should be flexible, moderate, precise and effective, guide the rational growth and balanced allocation of credit, revitalize the stock of financial resources, and keep the scale of social financing and money supply in line with the expected targets of economic growth and price levels. At the same time, it is necessary to support the joint efforts of policies, effectively mobilize the use of funds by business entities, and better realize that residents dare to consume, enterprises are willing to invest, and the government can support the bottom line, so as to promote the smooth circulation of the real economy.
Chief Producer丨Wang Hui and Che Haigang
Producer丨Li Piguang, Wang Yu, Liu Weimin
Editor-in-Chief丨Mao Jinghui Editor丨Cao Yang