I. Financial system
1. The financial system here is the concept of overall finance. From the institutional point of view, including banks, trusts, securities, insurance and other financial institutions; From the market point of view, it includes credit market, bond market, stock market, insurance market and intermediary business market. From the formula, the scale of social financing = RMB loans+foreign currency loans+entrusted loans+trust loans+undiscounted bank acceptance bills+corporate bonds+domestic stocks of non-financial enterprises+investment real estate+others. The scale of social financing consists of four parts and nine indicators: first, the on-balance-sheet business of financial institutions, including RMB and foreign currency loans; Second, the off-balance-sheet business of financial institutions, including entrusted loans, trust loans and undiscounted bank acceptance bills; Third, direct financing, including domestic stocks and corporate bonds of non-financial enterprises; Fourth, other projects, including investment real estate and others. The central bank said that the social financing scale data is a more comprehensive calculation based on the data of the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the central bank, and is released once a quarter.
2. The scale of social financing (also called the total amount of social financing or the total scale of social financing) refers to the total amount of funds obtained by the real economy from the financial system in a certain period of time.
3. The total amount of social financing is the total amount of new financing of the financial industry to the real economy every year, including both indirect financing of the banking system and direct financing of bonds and stocks in the capital market.
Two. Financial scale
1. The connotation of social financing scale is mainly reflected in three aspects. First, financial institutions provide all financial support to the real economy through the use of funds, that is, the comprehensive use of financial institutions' assets, mainly including RMB loans, foreign currency loans, trust loans, entrusted loans, corporate bonds held by financial institutions, non-financial corporate stocks, insurance company compensation, investment real estate, etc. Second, the real economy uses standardized financial instruments to obtain direct financing through the services of financial institutions in the formal financial market, mainly including bank acceptance bills, non-financial enterprise stock financing and net issuance of corporate bonds. Third, other financing, mainly including small loan company loans, loan company loans, industrial fund investment and so on.
2. The scale of social financing reflects the total amount of financing obtained by China's real economy from domestic financial institutions, while foreign exchange and foreign direct investment belong to external capital flows and should not be counted.
3. The scale of social financing is a total index that comprehensively reflects the relationship between finance and economy and the degree of financial support to the real economy. The scale of social financing refers to the total amount of funds obtained by the real economy from the financial system in a certain period (monthly, quarterly or annual), which is an incremental concept. The financial system here is the concept of overall finance, including banks, securities, insurance and other financial institutions from the institutional point of view; From the market point of view, it includes credit market, bond market, stock market, insurance market and intermediary business market. Specifically, the scale of social financing mainly includes RMB loans, foreign currency loans, entrusted loans, trust loans, undiscounted bank acceptance bills, corporate bonds, domestic stock financing of non-financial enterprises, insurance company compensation, investment real estate and other financial instruments financing. With the development of China's financial market and the deepening of financial innovation, the real economy will also increase new financing channels, such as private equity funds and hedge funds. When the future conditions are ripe, it can be included in the scale of social financing.