2017年CRI China records higher new loans, slower broad money expansion in H1

 

Chinese banks extended close to 8 trillion yuan of new lending in the first half of the year, but broad money supply growth has continued a downward trend.

China's Central Bank said the figures mirror their efforts of financial deleveraging, aimed at defusing risks and solid financial support for the real economy.

M2 is a broad measure of money supply that covers cash in circulation and all deposits. It reflects the general purchasing power of money from society.

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As of the end of June, the year on year growth rate of M2 slowed by 0.2 percent from a 9.6 percent growth rate recorded a month ago.

Sheng Songcheng, an adviser¹ to the People's Bank of China, said the slower M2 expansion was a result of financial deleveraging and there is no need for excessive interpretation².

"This time, M2 expansion stayed below ten percent. It indicates a decrease in off balance sheet financing, and indicates that measures taken to deflate economic bubbles have achieved results," Sheng noted³.

At the same time, the newly added total social financing, another significant financing gauge⁴, increased by 12 percent year on year to over 11 trillion yuan in the first half.

The Central Bank said the increase in total social financing indicated solid financial support for the real economy.

Ruan Jianhong, head of the central bank's surveys and statistics department, further explains:

"Most of the new medium and long-term lending in the first half has flowed into service and high-tech⁵ manufacturing industries, while only 5.4 percent of the outstanding loans by the end of June belonged to industries with excess capacity. The lending has been made more rationally and the structure of loans has been constantly optimized⁶."

The central bank has tried to strike a balance between financial deleveraging, aimed at defusing risks and shoring up economic growth.

Also, China's foreign trade saw brisk growth, buffering⁷ the economy from a slowdown in the face of headwinds at home and abroad.

Exports in yuan-denominated terms rose 15 percent year on year in the first half of 2017, while imports increased 25.7 percent.

Total foreign trade volume reached over 13 trillion yuan in the year to the end of June, up 19.6 percent year on year, the quickest pace since the second half of 2011.

Yan Min is with the macroeconomics department of State Information Center.

"The world economic situation has seen a modest recovery since January this year and the second half of last year, which promoted China's exports. In addition, the increase in foreign trade volume was related to our country's promotion⁸ of supply-side structural⁹ reform and macroeconomic development," Yan said.

However, the authorities say China's foreign trade may still face a tough situation in the second half of this year due to uncertainties¹⁰ in the global environment and deep-seated problems in the domestic economy.

They do note, however, that the strong fundamentals of China's foreign trade have not changed and the trade structure will be improved if no major risks arise.

1 adviser   

n.劝告者，顾问

参考例句：

• They employed me as an adviser.他们聘请我当顾问。
• Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。

2 interpretation   

n.解释，说明，描述；艺术处理

参考例句：

• His statement admits of one interpretation only.他的话只有一种解释。
• Analysis and interpretation is a very personal thing.分析与说明是个很主观的事情。

3 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

4 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

5 high-tech   

adj.高科技的

参考例句：

• The economy is in the upswing which makes high-tech services in more demand too.经济在蓬勃发展，这就使对高科技服务的需求量也在加大。
• The quest of a cure for disease with high-tech has never ceased. 人们希望运用高科技治疗疾病的追求从未停止过。

6 optimized   

adj.最佳化的，（使）最优化的v.使最优化，使尽可能有效( optimize的过去式和过去分词 )

参考例句：

• We are often asked whether consumer Web sites should be optimized for beginners or intermediates. 我们常常被问到这样的问题：消费类网站究竟应该为新手而优化，还是应该为中间用户而优化？ 来自About Face 3交互设计精髓
• GOOGLE Advertising optimized sequence, greatly increasing the advertising effect. 优化了GOOGLE广告位排列顺序，大大增加了广告效果。 来自互联网

7 buffering   

缓冲（作用）； 减震； 阻尼； 隔离

参考例句：

• Fig. 3-13 gives a suggested buffering arrangement for the data lines. 图3―13示出了一种缓冲数据线的方案。
• It requires buffering for most applications. 在大多数使用场合，它都需要缓冲。

8 promotion   

n.提升，晋级；促销，宣传

参考例句：

• The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
• The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。

9 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

10 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告