The latest data released by the People's Bank of China shows that in the first eight months of this year, China's RMB loans increased by 13.46 trillion yuan. As of the end of August, the balance of domestic and foreign currency loans in China was 273.02 trillion yuan, a year-on-year increase of 6.6%, and the balance of RMB loans was 269.1 trillion yuan, a year-on-year increase of 6.8%. While maintaining reasonable growth in loan scale, the credit structure continues to optimize. As of the end of August, the balance of inclusive small and micro loans was 35.20 trillion yuan, a year-on-year increase of 11.8%, and the balance of medium and long-term loans in the manufacturing industry was 14.87 trillion yuan, a year-on-year increase of 8.6%. The growth rates of these loans were higher than those of various loans during the same period. Meanwhile, loan interest rates remain at historically low levels. The weighted average interest rate for new loans issued by enterprises in August was 3.1%, which was 40 basis points lower than the same period last year. The weighted average interest rate for new loans issued for personal housing was 3.1%, which was about 25 basis points lower than the same period last year. The comprehensive financing cost of the real economy has significantly decreased. The reporter learned that the current growth of loans for some enterprises is benefiting from the recovery of production prosperity. The customer manager of a bank branch in an eastern province stated that the reserve and allocation of manufacturing loans have significantly improved compared to the previous year. The bank's new manufacturing loans accounted for 53% of its new corporate loans from January to August this year, a significant increase of 33 percentage points compared to the whole year of 2024. In particular, the advanced manufacturing industry represented by high-tech manufacturing and equipment manufacturing has a higher outlook, and there is a greater demand for new financing from enterprises, which has provided strong support for credit growth. The person in charge of a Christmas product processing enterprise in Yiwu City, Zhejiang Province, stated that it is currently the peak season for Christmas orders. The enterprise is actively exploring emerging markets such as Southeast Asia and South America. At the critical moment when the enterprise is seeking to shift towards diversified operations, its financing needs have been fully met, and its business resilience has been further enhanced. In addition, the growth of personal loans has also been boosted. August is the peak season for summer consumption, with the endogenous growth of personal consumption demand coupled with the exogenous promotion of consumption policies such as "trade in", further unleashing consumer demand and increasing loan demand. Since August, cities such as Beijing, Shanghai, and Shenzhen have successively introduced a package of real estate regulation policies, including relaxing purchase restrictions in non core areas, adjusting personal housing credit policies, etc., to better meet the rigid and diversified demand for improved housing. According to data from the Shanghai Housing Management Bureau, the new policies for the local real estate market have only been introduced for one week, and the real estate transaction volume has significantly increased compared to before the policies, driving the month on month conversion of commodity housing transaction volume from negative to positive in August. Local banks have reflected the recovery of residents' housing demand, driving a significant increase in mortgage loan consultation and signing orders. Preliminary statistics show that in the first eight months of this year, the cumulative increase in social financing scale in China was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year. Among them, RMB loans issued to the real economy increased by 12.93 trillion yuan. As of the end of August, the stock of social financing in China was 433.66 trillion yuan, a year-on-year increase of 8.8%. Among them, the balance of RMB loans issued to the real economy was 265.42 trillion yuan, a year-on-year increase of 6.6%. As of the end of August, China's broad money (M2) balance was 331.98 trillion yuan, a year-on-year increase of 8.8%; The balance of narrow money (M1) was 111.23 trillion yuan, a year-on-year increase of 6%; The balance of circulating currency (M0) was 13.34 trillion yuan, a year-on-year increase of 11.7%. Net cash investment of 520.8 billion yuan in the first 8 months. At the end of August, the scale of social financing and the year-on-year growth rate of M2 remained at a relatively high level, matching the expected targets of economic growth and overall price levels, and slightly higher, reflecting a moderately loose monetary policy orientation. ”Dong Ximiao, Chief Researcher of Zhaopin and Deputy Director of Shanghai Finance and Development Laboratory, stated that in recent years, the People's Bank of China has continuously lowered reserve requirement ratios and interest rates, and the state of monetary policy has been supportive. In May of this year, a package of policies such as reserve requirement ratio cuts and interest rate cuts were introduced, and the financial support for the real economy has been continuously increasing. At present, structural monetary policy tools have achieved full coverage of the "five major articles" in the field of finance. In the future, they can continue to play a leading role, provide policy support and incentive guidance, and enhance the ability and willingness of financial institutions to support key areas. At the same time, we should also leverage the synergistic effect of monetary credit policies, fiscal subsidies, risk compensation, and other measures to continuously enhance the effectiveness of financial support in key areas. (New Society)