China's Social Financing Volume Reaches 23.99 Trillion Yuan in First Seven Months, Experts Suggest More Comprehensive Observations of Financial Quantity

August 13th, People's Bank of China released financial statistics showing that by the end of July, the broad money supply (M2) stood at 329.94 trillion yuan, up 8.8% from a year earlier. Preliminary statistics indicate that social financing volume in the first seven months of 2025 reached 23.99 trillion yuan, an increase of 5.12 trillion yuan compared to the same period last year.

Industry insiders believe that with the innovation of financial markets and the development of direct financing, companies' financing channels have become increasingly diversified, and government bond issuance has accelerated, making it more difficult for loans to fully reflect the effectiveness of financial support for the real economy.

Experts point out that observing financial quantity cannot only rely on loan data. We should pay more attention to social financing volume, M2 and other comprehensive indicators.