China's credit growth structure improves monetary policy material has no change in the short term

Xinhua Beijing, June 12 (Xinhua Wang Jiang Rui) The People's Bank of China released its monthly financial data for May and released a questionnaire survey of 2 bankers, entrepreneurs and town savers in the quarter.　　Experts believe that China's credit growth and credit structure is becoming more reasonable, based on economic fundamentals, the tone of the recent moderately loose monetary policy will not change significantly. Central bank data show that May RMB loans increased by 664.5 billion yuan, more than 346 billion yuan.　　This figure, although significantly lower than the first quarter credit growth, still has an increase from the April credit level of $591.8 billion. "The May loan increase was more stable than the previous surge." This retreat is the rational return of the economy, from the point of view of capital demand, indicating that China's economy has ended bottoming and has begun to stabilise.　　Pengching, director of the Monetary Policy Research Institute of the China Academy of Social Sciences.　　In the first 5 months of this year, China added more RMB loans to more than 5.8 trillion yuan, in the first quarter of the credit growth reached 4.58 trillion yuan, the April new loans fell to more than 590 billion yuan, the rapid decline in the trend of credit surge is rare.　　With the steady increase of the amount of money and credit, China's credit structure was optimized in the May: Medium and long term loan growth slowed down, while SME enterprises ' short-term loans and consumer loans accounted for an increase. Pengching that, with the first quarter of the government-led investment in big project loans, the rapid increase in the May economy showed an endogenous warming trend. "It could be due to the recent rise in prices and the expected changes in corporate investment," he said.　　"he said. "Compared to last month, the reduction in the share of growth in medium-and long-term loans shows that government-driven lending has decreased in the first quarter, while the amount of short-term loans that reflect SME lending has shifted from reduced to increased, indicating improvements in SME financing and good changes in the credit structure."　　"Guo, director of the China Banking Research Center at the Central University of Finance and Economics. According to the data, short-term loans in corporate loans increased by 21.2 billion yuan, and medium-and long-term loans increased by 348.5 billion yuan, representing 52% of new loans in May, down 10% from last month.　　With the April short-term loans reduced by more than 70 billion yuan, May short-term loans increased by 21.2 billion yuan, SME financing improved. The changes are also corroborated by the loan data that China's commercial banks have disclosed recently.　　Statistics show that the five major lines of diplomatic relations between workers and workers are less than 300 billion new loans, and more of the issuance of consumer loans and SME loans of joint-stock banks and small and medium-sized banks became the main force in the May credit. "Such a credit structure is what regulators want to see. Undoubtedly conducive to sustained recovery of economic growth.　　"Guo said. The increase in loan volume also has a money supply. In the end of May, the broad money supply (M2) grew by 25.74%, a 7.92% higher than last year, and a narrow money supply (M1) balance of 18.2 trillion yuan, up 18.69% from last month's high1.21%. Pengching that, under the constant stimulation of monetary policy, M1 growth rate is obviously accelerated.　　The further narrowing of the scissors between M1 and M2 shows the increased activity of business transactions.　　The central bank's 2 quarterly entrepreneur survey showed that index and equipment use indices rose 4.6 and 2.4% respectively from the previous quarter, ending 3 consecutive quarterly declines. The market for future changes in monetary policy is of particular concern.　　Since entering the May, some asset prices at home and abroad have risen to a certain extent, based on concerns about inflation, the market's focus on monetary policy is more hot, but experts believe that, based on economic fundamentals, a moderately loose monetary policy will continue. "While the volume of loans and the supply of money are increasing, it is clear from the CPI and PPI that the economy is still contracting, and while asset prices have risen somewhat, there is no way to judge the risk of inflation."　　"said Zhuang, an economist at the Asian Development Bank. The National Bureau of Statistics's previous May macroeconomic indicators showed that CPI and PPI continued to fall below expectations.　　It can be expected that with the rise in international raw material prices, manufacturers by the raw materials and pricing power of the two plates will continue to squeeze the embarrassment. "The current economic downward pressure is greater than the pressure of price increase, enterprise production and management activities are still low, from the macro and micro level, the current monetary policy is appropriate, the future of moderately easy monetary policy keynote will be continued." "Guo said.