The central bank: Financial support for the real economy has shifted from a focus on scaling up to a greater emphasis on quality and efficiency. Financing channels are more diversified, resource allocation is increasingly optimized, and financial adaptability is continuously improving.

The central bank released the monetary policy implementation report for China for the second quarter of 2026. The financial support for the real economy is not only reflected in the continuous expansion of the macro financial total but also more significantly in the continuous improvement of quality and efficiency. On one hand, with the effective implementation of moderately loose monetary policy, the ability of financial institutions to serve the real economy has been continually enhanced, with enterprises' perceptions of financing steadily improving and financing costs continuously declining. On the other hand, there is a continuous optimization of the financing structure. The stock of social financing and M2 has exceeded 460 trillion yuan and 350 trillion yuan respectively, and the loan scale has also surpassed 280 trillion yuan. Both enhancing the efficiency of existing funds and optimizing the orientation of new financing have played a positive role in the real economy. The scale of repayments due for loans to the real estate sector and local government financing platforms is significant, and new loans are increasingly directed toward high-efficiency sectors that represent new economic momentum. As a result, while the loan increments are not as substantial as before, the credit structure continues to optimize, with the growth rates of inclusive micro and small loans, technology loans, and green loans consistently outpacing the overall loan growth rate for several years. Especially, financial resources are accelerating their aggregation towards key areas such as technological innovation and advanced manufacturing, profoundly empowering the new round of technological revolution and industrial transformation. There are over 2,000 publicly listed "specialized, sophisticated, distinctive, and innovative" enterprises in the A-share market, and since the establishment of the "technology board" in the bond market over a year ago, technology innovation bonds have cumulatively issued more than 2.8 trillion yuan. Overall, financial support for the real economy has shifted from a focus on scale expansion to a greater emphasis on quality and efficiency, with a more diversified financing channel and optimized resource allocation, and the adaptability of finance continues to enhance. Against this backdrop, observing the strength and quality of financial support for the real economy should no longer be limited to a single perspective of loan channels, scale, and growth rates. Instead, a more multidimensional and comprehensive approach is needed to scientifically analyze the all-around support provided by the financial system for high-quality development.