Academics say 20% of credit is flowing into the stock market half the real economy

Guoju in the face of rapid credit growth, as well as the stock market, the small yangchun phenomenon of the real estate, has been unable to exclude the possibility of credit funds into the stock market or property.　　How much credit is going to go to the real economy and into the "investment boom" of the stock market or the housing market? According to Weiganing, Vice Minister of macroeconomics at the Development Research Center of the State Council, about 20% of credit funds flowed into the stock market, and about 30% of credit funds flowed into the bill markets, which meant that about half of the bank's funds were circulating within the financial system to promote the formation of financial bubbles-　　The conclusion comes from his recent field research. This was Weiganing in Saturday when attending the "Beijing International Financial Forum 2009 Spring Report".　　Weiganing repeatedly stressed that this is only his personal opinion, does not represent the unit. Coincidentally, the NPC Standing Committee vice chairman Siwei in the Forum also on the flow of credit funds to express a similar judgment. He pointed out that the first quarter of credit to 4.58 trillion yuan, of which 400 billion yuan of financial investment to pull bank credit to investment in the scale of around 2.4 trillion.　　For the other 2.18 trillion of the loan growth, Siwei said that, apart from the financing of bills and the expansion of loans, can not deny that some of the funds into the stock market, the property market, resulting in the stock market, the property market temporarily warmer. Half of the money is not in the real economy this year's credit growth is indeed a bit of a "confusing flower to look attractive." As of May, China's commercial bank credit has reached 5.8 trillion yuan, has exceeded last year's credit increment, in which, the first quarter is set a 4.58 trillion of the amount of day loans, loans such rapid growth history is rare. Before the external economy is still in jeopardy and fundamentals have not fundamentally changed, is the demand for corporate lending really so great? With such rapid loan growth, why are starving SMEs still not getting the support they deserve?　　But the stock market, the property market is continuously warmed up? "Where are the capital flows from the banks?" "According to the ratio measured by Weiganing, in the first five months of this year, 5.8 trillion of the loan size to calculate, that is about 1.16 trillion of credit funds into the stock market."　　In addition, the central bank published data showed that the first five months of this year, the amount of paper financing is 1.7 trillion yuan, accounting for the total credit rate of about 30%. "When money circulates itself in the financial system, self-inflating, not serving the real economy, we think that's the financial bubble," Weiganing said. "The current rapid growth of large sums of money within the financial system of the self-circulation, it is very easy to push up the stock price, forming a new financial bubble, but also push up the price of real estate.　　"For the other half of the money, Weiganing pointed out that although this part of the money to the real economy, but most of the flow to local government projects, and to small and medium-sized enterprises have very few funds." Beware of potential risks "the rapid growth of credit should now be justified, but there are potential risks," he said. "Zhang Liqing, dean of the University of Central Finance and finance, reminded。 The risks include a rebound in bank non-performing loans and bubbles in asset prices, he said.　　In his view, since the economy is not yet fully stabilized, monetary policy has not yet been adjusted but, given the implications of the future, it should be prepared for appropriate adjustments when necessary.　　Weiganing said that to actively guide the credit funds into the real economy, the first is to rectify the bill market, to prevent the bill funds self circulation, not for the real economy services; In addition, the regulatory authorities should strengthen the regulation of the flow of credit funds to guide the flow of capital to small and medium-sized enterprises. In fact, the regulator has expressed alarm about the rapid growth in lending. A few days ago, China Banking Regulatory Commission issued a "notice on further strengthening credit management" to all the commercial banks, requiring the commercial banks to strictly control the flow of loans, guarantee the loans to be released into the real economy, meet the real economic needs, prevent the illegal flow of credit funds into the capital market and real estate market