Update: China's newly added social financing at 20.83 trillion yuan

Xinhua
10 Jul 2020, 22:05 GMT+10

A citizen selects vegetables at a supermarket in Changchun City, northeast China's Jilin Province, July 8, 2020. (Photo by Yan Linyun/Xinhua)

BEIJING, July 10 (Xinhua) -- China's newly added social financing, a measurement of funds the real economy receives from the financial system, came in at 20.83 trillion yuan (about 3 trillion U.S. dollars) in the first half of this year, up 6.22 trillion yuan year on year, central bank data showed Friday.

In breakdown, yuan-denominated loans to the real economy increased by 12.33 trillion yuan, up 2.31 trillion yuan from a year ago, and net financing via corporate bonds saw stellar growth of 1.76 trillion yuan to 3.33 trillion yuan, according to the People's Bank of China.

In June alone, China's newly added social financing hit 3.43 trillion yuan, up 809.9 billion yuan year on year.

By the end of June, total social financing reached 271.8 trillion yuan, up 12.8 percent year on year.

The central bank has vowed stronger macroeconomic policy adjustments, as well as better fiscal, monetary, and employment policy coordination and implementation to counter the impact of COVID-19 on economic growth.

The country will pursue a prudent monetary policy in a more flexible and appropriate way, and encourage financial institutions to enhance support for the real economy, especially small and micro companies as well as private firms, the central bank said last month. ■

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