May financial data released: Direct financing drives the increase in social financing, with the growth rate of "active money" significantly accelerating.

Data released by the People's Bank of China on June 13th shows that the total amount of finance in May has grown reasonably, and the support of finance to the real economy is stable. Industry experts say that the financial data matches the operation of the real economy reasonably, with the scale of social financing, RMB loans, and broad money growth all significantly higher than the nominal GDP growth. "Monetary, fiscal, industrial, and other macro policies have been actively and effectively implemented, forming a synergy, and driving the economy to continue to stabilize and improve. In the next phase, the growth of total finance is expected to remain stable," experts in the industry stated. From January to May 2025, the cumulative increase in the scale of social financing reached 18.63 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year. In May, the scale of social financing grew rapidly. Driven by direct financing such as government bonds and corporate bonds, the increase in the scale of social financing in that month was 2.29 trillion yuan, an increase of 224.7 billion yuan year-on-year.