Corporate deposits, liquidity
In May 2024, the year-on-year growth rate of deposits of non-financial enterprises fell back to -1.6%, the lowest level since 2012. This paper analyzes the changes in deposits in different industries among non-financial listed companies from the first quarter of 2017 to the first quarter of 2024.
In the first quarter of 2024, the year-on-year growth rate of the deposit balance of the sample enterprises was -1.4%. Among them, the real estate industry, the mining industry, the transportation, warehousing and postal industry, the construction industry and the manufacturing industry drove the growth rate of the deposit balance of the sample enterprises by -1.52, -0.85, -0.56, -0.37 and 2.91 percentage points respectively, which is a major impact on the growth rate of deposits. In addition to manufacturing, deposits in industries such as information technology, culture, sports and entertainment also have a certain positive contribution.
In the environment of slowing down the growth of corporate deposits, manufacturing deposits still maintained a certain growth, which is an important direction for absorbing deposits. Deposits in the electrical machinery and equipment manufacturing industry, computer, communication and other electronic equipment manufacturing industry, and automobile manufacturing all accounted for more than 10% of the total deposit balance in the manufacturing industry. Among them, the deposit growth of the automobile industry is relatively fast, the growth rate of electrical machinery deposits has dropped significantly, and the deposits of the computer industry have fluctuated and rebounded after bottoming out, which may be related to the cyclical fluctuations of the industry such as the phased overcapacity of photovoltaic production capacity and the return of semiconductors to the upward cycle. In the non-manufacturing industry, the export container freight index tends to rise, and the growth rate of deposits in the water transportation industry rises; Although the deposits of the information technology industry showed a positive pull on corporate deposits, the growth rate slowed down as a whole.
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