Summary of Financial Statistics Report for Q1 2023
- Broad money supply (M2) increased by 12.7% and narrow money supply (M1) increased by 5.1% as of the end of March. Net cash injection in Q1 was 961 billion yuan.
- Renminbi (RMB) loans increased by 10.6 trillion yuan in Q1, with household loans increasing by 1.71 trillion yuan and corporate loans increasing by 8.99 trillion yuan. Short-term loans increased by 3.17 trillion yuan and medium to long-term loans increased by 6.68 trillion yuan for enterprises and institutions. Non-bank financial institution loans decreased by 79.1 billion yuan. Foreign currency loans decreased by 19.6% to 758.7 billion US dollars in March, with an increase of 171 billion US dollars in Q1.
- RMB deposits increased by 15.39 trillion yuan in Q1, with household deposits increasing by 9.9 trillion yuan, non-financial corporate deposits increasing by 3.18 trillion yuan, and non-bank financial institution deposits increasing by 79.87 billion yuan. Foreign currency deposits decreased by 12.9% to 911.5 billion US dollars in March, with an increase of 576 billion US dollars in Q1.
- The weighted average interest rate for interbank RMB market repo transactions in March was 1.7%, and the weighted average interest rate for pledged bond repo transactions was 1.85%.
- China’s total social financing reached 4.58 trillion yuan in March, with a year-on-year decrease of 327.4 billion yuan. Corporate bond financing increased by 315.1 billion yuan, and net issuance of government bonds reached 261.5 billion yuan. New RMB loans increased by 749.7 billion yuan in March.
- The stock market showed steady growth in Q1, with the Shanghai Composite Index increasing by 4.8% and the Shenzhen Component Index increasing by 3.6%. The bond market remained stable, with the yield on 10-year government bonds decreasing by 8 basis points.
- China’s foreign exchange reserves increased slightly to 3.2 trillion US dollars as of the end of March, maintaining overall stability. The RMB exchange rate remained generally stable against major currencies, with a slight appreciation against the US dollar.
- The real economy showed steady growth in Q1, with industrial production, retail sales, and fixed asset investment all showing positive growth. Employment remained stable, and consumer prices increased moderately. However, there were still challenges such as rising international commodity prices and uncertainties in the global economic environment.
- In Q1, China’s fiscal revenue increased by 7.8% year-on-year, and fiscal expenditure increased by 18.7%. The fiscal deficit for the first quarter was 1.86 trillion yuan, accounting for 52.7% of the budgeted deficit for the whole year.
- The Chinese government continued to implement measures to support small and medium-sized enterprises, optimize the business environment, and promote high-quality development of the economy. Efforts were made to prevent financial risks, strengthen supervision of shadow banking, and enhance regulation of the real estate market.
Overall, China’s financial statistics for Q1 2023 showed steady growth in key indicators, with increased money supply, loans, and deposits, stable exchange rate and foreign exchange reserves, and positive growth in the real economy. The government continued to implement supportive measures while addressing challenges in the domestic and global economic environment.
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