This Year's Credit Allocation: Balancing Economic Stability and Interest Margin Protection (AI Translation)
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- The COP28 climate conference in Dubai announced the launch of a climate compensation fund for developing countries, with significant pledges from various nations including the UAE, EU, UK, USA, and Japan. The conference also focuses on fossil fuel debates and aims to review progress towards the 1.5°C warming limit amid concerns over Sultan Al Jaber's dual role as COP28 President and CEO of ADNOC.
- Chinese banks are adjusting their credit distribution strategies for 2024 to ensure more balanced lending throughout the year, moving away from the aggressive 'start-of-year sprint' approach. This change aligns with the People's Bank of China's guidance for stable and sustainable credit growth to support economic recovery.
- In response to shifts in market demand and regulatory guidance, Chinese banks are focusing on supporting 'Three Major Projects' and 'Five Key Areas,' including technology finance and green finance. There is also an emphasis on managing loan interest rates to continue supporting economic growth while navigating challenges such as high debt levels across various sectors.
文｜财新周刊 刘冉 丁锋 朱亮韬
By Caixin Weekly's Liu Ran, Ding Feng, Zhu Liangtao
“以前资产负债部是按月给信贷规模，现在是按周给了，而且一季度的信贷规模比以前少，也不那么追求‘开门红’了。”一位国有大行公司部人士道出2024年开年以来信贷投放的总体态势。
"In the past, the asset and liability department would allocate credit quotas on a monthly basis, but now it has switched to weekly allocations. Moreover, the credit quota for the first quarter is smaller than before, and there's no longer a pursuit of a 'strong start' to the year," said an individual from the corporate department of a major state-owned bank, revealing the overall trend in credit issuance since the beginning of 2024.
岁末年初，中国央行多次传达出信贷“均衡投放”“平滑波动”的信号。2023年底召开的央行党委扩大会议和货币政策委员会2023年第四季度例会均指出，“引导信贷合理增长、均衡投放”。在2024年1月24日的国务院新闻办发布会上，央行行长潘功胜再次强调“在节奏上把握好新增信贷的均衡投放，增强信贷增长的稳定性”。
At the turn of the year, China's central bank has repeatedly communicated signals for a "balanced allocation" and "smoothing fluctuations" in credit. The expanded meeting of the central bank's Party committee held at the end of 2023 and the Monetary Policy Committee's fourth quarter meeting in 2023 both pointed out the need to "guide reasonable growth and balanced allocation of credit." At a press conference held by the State Council Information Office on January 24, 2024, Pan Gongsheng, governor of the central bank, once again emphasized "the importance of balancing the allocation of new credit to enhance the stability of credit growth."
据央行统计，2023年末金融机构人民币各项贷款余额237.59万亿元，同比增长10.6%；全年人民币贷款增加22.75万亿元，同比多增1.31万亿元；其中，对实体经济发放的人民币贷款增加22.22万亿元，占同期社会融资规模增量的62.4%。
According to statistics from the central bank, by the end of 2023, the outstanding RMB loans of financial institutions reached 237.59 trillion yuan, marking a year-on-year increase of 10.6%. Throughout the year, RMB loans increased by 22.75 trillion yuan, which is an increase of 1.31 trillion yuan compared to the previous year. Among these, RMB loans issued to the real economy amounted to 22.22 trillion yuan, accounting for 62.4% of the total social financing increment during the same period.
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