Social financing scale index is a new macro-control index, which was founded by the central bank on 20 1 1 and is unique in China. Different from the money supply index m2, the social financing scale index measures the scale of various funds invested by financial institutions in the real economy from the asset side rather than the liability side.
1. Social financing refers to the activities of lenders to raise funds through non-traditional bank loan channels. At present, in addition to bank loans and government direct investment funds, they are considered as funds for social financing channels. Social financing is an important supplementary form of economic entity financing. It makes up for the shortcomings of narrow financing channels and shortage of funds in a single bank. It is conducive to improving the financial investment level of the whole society, improving the efficiency of capital use and stimulating rapid economic growth. Compared with the amount of new loans, social financing is a broader statistical indicator of currency circulation.
2. The total amount of social financing includes stock and bond financing in addition to new loans from financial institutions, which extends the statistics of capital flow to the financing sources of stock market and bond market, and more truly reflects the relationship between supply and demand of social and economic funds. 201165438+1On October 3rd, the central bank released a statistical report on the social financing scale at the end of June 20th18th. The data shows that at the end of June, the stock of social financing scale 197.89 trillion yuan, an increase of 65,439.
3. Facing the increasing scale of direct financing year by year, it is more difficult for the central bank to manage liquidity. In order to better implement the macro-prudential policy, the People's Bank of China plans to introduce the statistical caliber of money circulation based on social financing-"social financing growth index". This indicator is based on the description of the scale of social financing, or it will partially replace M2 (cash+household savings deposits+corporate deposits) as a reference indicator in the process of monetary policy formulation, which means that the price of assets such as the stock market will be considered in the monetary policy operation, which is conducive to establishing a new analytical framework and monitoring scope according to the requirements of macro-prudential supervision.
4.20 1 1 annual working conference and 20 1 1+0 fifth plenary session in the State Council emphasized "keeping a reasonable rhythm of social financing scale". This indicates that social financing, as a new concept, has officially entered the practice of monetary policy formulation and operation in China. Since 20 18, the scale of social financing has been adjusted twice: in July of 20 18, the central bank adjusted the scale of social financing for the first time. Incorporate the write-off of asset-backed securities and loans of deposit-taking financial institutions into social and financial statistics; From 2065438 to September 2008, the central bank included local government special bonds in social and financial statistics for the second time.