Event: on April 10, 2022, the central bank released the financial data for March 2022: in March, RMB loans increased by 3.13 trillion yuan, an increase of 400 billion yuan year-on-year. In March, the scale of social financing increased by 4.65 trillion yuan, an increase of 1273.8 billion yuan year-on-year, higher than the average expectation of the market. At the end of March, the stock of social financing scale was 325.64 trillion yuan, a year-on-year increase of 10.6%, an increase of 0.4 percentage points over the previous month. At the end of March, M2 was 9.7% year-on-year (the previous value was 9.2%) and M1 money supply was 4.7% year-on-year (the same as the previous value).
In this regard, our comments: "steady growth" effect still needs to wait. On the whole, the government work report and subsequent documents show that the steady growth policy should be further strengthened, and the financial data in March also reflect that the steady growth is effective to a certain extent. Although the total performance was bright and exceeded expectations, there were still structural problems, the confidence of enterprises in the economy had not improved significantly, and the investment financing demand of the real economy was still weak. In addition, the current round of epidemic has the characteristics of many points, wide range and frequent occurrence. The epidemic prevention policies in some areas have also been upgraded, further aggravating the downward pressure on the economy. The keynote of the follow-up policy is still "steady growth", which may be further strengthened.
Risk warning: the data contained in this report are incomplete market statistics, which are intended to reflect the market trend rather than accurate quantity. Any suggestions, opinions and speculation contained only reflect the judgment of the company on the date of issuance of this report
