The State Council Information Office held a press conference on the financial statistics for the first half of 2023 on the 14th. At the meeting, Liu Guoqiang, deputy governor of the People's Bank of China, introduced that the weighted average interest rate of new personal housing loans in the first half of the year was 4.18%, 107 basis points lower than the same period last year.
Liu Guoqiang pointed out that the People's Bank of China adheres to the general tone of seeking progress while maintaining stability, adopts a precise and powerful prudent monetary policy, and intensifies counter-cyclical adjustments to promote the overall improvement of economic operation. Judging from the data in the first half of the year, the growth in the first quarter was relatively high. There was a correction in April and May, and it rebounded again in June. Overall, it maintained a stable operation, with reasonable and sufficient liquidity, continuous optimization of the credit structure, and a steady decline in financing costs for the real economy. , financial support to the economy continued to strengthen.
From the perspective of the total amount, the liquidity is reasonable and sufficient, and the support for the real economy is solid. In the first half of the year, the People's Bank of China lowered the reserve requirement ratio by 0.25 percentage points to release long-term liquidity, enhance the stability and sustainability of total credit growth, and effectively serve the real economy. At the end of June, the broad money supply (M2), social financing scale stock, and RMB loans increased by 11.3%, 9.0% and 11.3% year-on-year respectively. In the first half of the year, the social financing scale increased by 21.55 trillion yuan, an increase of 475.4 billion yuan over the same period last year; RMB loans increased by 15.73 trillion yuan, an increase of 2.02 trillion yuan over the same period of the previous year.
In terms of structure, the credit structure continued to be optimized, enhancing the momentum of economic development. Since the beginning of this year, the People's Bank of China has given full play to the dual functions of both aggregate and structural monetary policy tools. Structural monetary policy tools are "focused on key points, reasonable and moderate, with advances and retreats." The support plan will continue to increase support for key areas and weak links of the national economy such as inclusive finance, technological innovation, green development, and infrastructure. At the end of June, the balance of medium and long-term loans in the manufacturing industry increased by 40.3% year-on-year, 29.0 percentage points higher than the growth rate of various loans; the balance of medium- and long-term loans in the infrastructure industry increased by 15.8% year-on-year, 4.5 percentage points higher than the growth rate of various loans; The balance of small and medium-sized enterprise loans of "Jingtexin" increased by 20.4% year-on-year, 9.1 percentage points higher than the growth rate of various loans; the balance of inclusive small and micro loans increased by 26.1% year-on-year, 14.8 percentage points higher than the growth rate of various loans; The number of credit customers was 59.35 million, close to 60 million, a year-on-year increase of 13.3%. In the first half of the year, the total amount of personal housing loans issued increased by 516.4 billion yuan year-on-year.
From the perspective of interest rates, the financing costs of the real economy have been steadily reduced. In the first half of the year, the People's Bank of China continued to improve the formation and transmission mechanism of market-based interest rates, optimized the central bank's policy interest rate system, and played the role of the reform of the loan market quotation rate (LPR) as a guide. The 1-year and 5-year LPRs both fell by 10 basis points, promoting The cost of corporate financing and resident credit remained stable with a slight decline. In the first half of the year, the weighted average interest rate of newly issued corporate loans was 3.96%, 25 basis points lower than the same period of the previous year; the weighted average interest rate of newly issued individual housing loans was 4.18%, 107 basis points lower than the same period of the previous year.
Liu Guoqiang said that in the next stage, the People's Bank of China will continue to implement a prudent monetary policy accurately and forcefully, do a good job in cross-cycle adjustments, give full play to the effectiveness of monetary and credit policies, and promote the continuous improvement of economic operation, the continuous strengthening of endogenous power, and the continuous improvement of social expectations. Improvement, continuous resolution of risks and hidden dangers, and promotion of a virtuous economic cycle.
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