The People's Bank of China recently released a report on financial statistics for February, which shows that the growth rates of broad money (M2) and social financing have remained at a high level, continuing to create a suitable monetary and financial environment for economic recovery and improvement. At the end of February, the M2 balance was 349.22 trillion yuan, a year-on-year increase of 9%, with the growth rate unchanged from the previous month and 2 percentage points higher than the same period last year; The stock of social financing scale is 451.4 trillion yuan, a year-on-year increase of 8.2%, and the growth rate is the same as the same period last year; The cumulative increase in social financing scale in the first two months was 9.6 trillion yuan, an increase of 316.2 billion yuan compared to the same period last year. This year, macroeconomic policies have become more proactive and supportive, supporting rapid growth in the overall financial sector. In terms of monetary policy, the People's Bank of China continues to implement a moderately loose monetary policy. At the beginning of the year, it issued multiple incremental policy measures involving structural monetary policy tools, including lowering tool interest rates, expanding the scale and scope of support, and improving policy elements; At the same time, maintaining sufficient liquidity in the banking system and keeping social financing conditions relatively relaxed. In terms of fiscal policy, the scale of newly added government bonds this year has reached a new high of nearly 12 trillion yuan, and since the beginning of the year, it has been making strong efforts, providing good support for the scale of social financing. Wang Qing, Chief Macro Analyst of Dongfang Jincheng, believes that since March, enterprises have gradually entered a post holiday construction state, and financing demand has accelerated. Coupled with the intensive and detailed implementation of various policies after the National People's Congress and the Chinese People's Political Consultative Conference, major engineering projects in the 15th Five Year Plan have accelerated their landing and construction, which is expected to drive the steady release of supporting financing demand, and the financial total is expected to continue a reasonable growth trend. While the total financial volume maintains a rapid growth, the total credit volume also steadily increases and the pace of investment becomes more balanced. At the end of February, the balance of various loans in RMB was 277.52 trillion yuan, a year-on-year increase of 6%, maintaining a reasonable growth trend. Wen Bin, Chief Economist of China Minsheng Bank, stated that in recent years, the People's Bank of China has continued to guide financial institutions to enhance the stability and sustainability of credit growth. Commercial banks have paid more attention to coordinating and arranging the progress of credit disbursement throughout the year, improving the adaptability of credit fund supply to the effective financing needs of the real economy, and avoiding "timing clashes" that may lead to "large fluctuations" in loan data. Credit disbursement in the first two months of this year has been more stable and balanced. From the demand side, the combination of policies to expand domestic demand and the extended Spring Festival holiday has led to an increase in consumption heat, driving the steady release of loan demand in related fields. Associate Professor Liu Chunsheng from Central University of Finance and Economics believes that the synergy between monetary policy and fiscal policy is gradually showing its effectiveness. For example, a one-time credit repair policy reduces the burden on individuals whose credit records have been damaged, repairing their ability to access financial services and participate in economic activities; The fiscal subsidy policy helps to reduce personal consumption and business operating costs in both directions, unleash consumption potential, and support the development of business entities. From the supply side, private enterprises are accelerating the implementation of refinancing, guiding more credit resources to flow to private small and medium-sized enterprises. After the People's Bank of China announced the establishment of private enterprise refinancing at the beginning of the year, the first batch of private enterprise refinancing has been implemented in Beijing, Hubei, Zhejiang, Chongqing and other places, accurately solving the pain points of private enterprise financing and helping enterprises seize opportunities for investment and development. The sustained low operation of social financing costs is an important manifestation of suitable monetary credit conditions, and also reflects that the effective financing needs of the real economy have been fully met. According to data from the People's Bank of China, the weighted average interest rate for new loans issued by enterprises in February was about 3.1%, which was about 20 basis points lower than the same period last year; The weighted average interest rate for newly issued personal housing loans is about 3.1%, which is about 10 basis points lower than the same period last year. Wang Qing stated that currently, both corporate and residential loan interest rates are at a relatively low level, and in the past two years, the People's Bank of China has guided commercial banks to clearly display the annualized comprehensive financing costs of loans to enterprises, standardize financing intermediary fees and implicit costs. The reporter found that in recent years, the People's Bank of China has always adhered to a supportive monetary policy stance, and has successively introduced significant monetary policy measures in September 2024, May 2025, and January 2026 to continue to support stable economic growth. Wen Bin believes that the overall approach of these rounds of monetary policy is to timely carry out countercyclical and cross cyclical adjustments based on changes in macroeconomic and financial market conditions. Specific measures have their own focuses, actively responding to market concerns and stabilizing market expectations. (New Society)