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今年第一季度,全国市场投融资总规模为4.19万亿元。按照30%的进度推算,全年将会跟去年持平,即14万亿元左右。尽管如此,但结构上却发生了很大变化。就第一季度而言,今年人民币信贷贷款下降了约4.9个百分点,这块空间主要由企业债券发行补了上去,使其占到了整个社会投融资规模的10.9%。而去年非常火爆的信托贷款却由5.1%降至今年的0.2%,这块空间则由企业之间的委托贷款加以填补。这种结构上的变化,实际上对货币政策的效果是有一定好处的。因为债券的募集对于货币的
In the first quarter of this year, the total size of investment and financing in the national market was 4.19 trillion yuan. According to the progress of 30%, the year will be the same as last year, or about 14 trillion yuan. However, structural changes have taken place. For the first quarter, the RMB credit loan this year dropped by about 4.9 percentage points. This space was mainly supplemented by corporate bond issuance, accounting for 10.9% of the total social investment and financing scale. Last year, the very popular trust loans dropped from 5.1% to 0.2% this year. The space was filled by entrusted loans between enterprises. This structural change is actually beneficial to the effect of monetary policy. Because the bond raised for the currency