Mortgage loans increase by hundreds of billions of corporate debt every year

“Mortgage loans” increase by hundreds of billions of corporate debt every year
February was a critical period for epidemic prevention and control. Delays in home isolation and resumption of work reduced personal consumption and corporate financing requirements.According to the February financial market data released on March 11, social financing increased by US $ 855.4 billion and RMB loans increased by US $ 905.7 billion, both of which dropped significantly from January, but the alternating growth rates of the two were relatively stable, at 10 respectively.7%, 12.1%.There are also some bright spots in the data. During the epidemic, financial loans to real enterprises increased incrementally, as shown by the increase in unit short-term loans in February of US $ 654.9 billion, and an increase of US $ 506.9 billion.  In terms of indicators that reflect the money supply, the transition to the overall guarantee of liquidity after the opening of the financial market in February caused the growth of the broad money (M2) to 8 in February.8%; the production and operation momentum of the merged enterprises gradually recovered, and the annual growth rate of the narrow currency (M1) in February also increased from the rare growth rate of 0 in January to 4.8%.  Ample liquidity, M2 increased by 8 in ten years.8% from the indicator reflecting the money supply, the end of February, M2 balance 203.08 trillion yuan, an annual increase of 8.8%, the growth rate is 0 higher than the end of January and the same period of last year.4 and 0.8 digits; M1 has a surplus of 55.27 trillion, an annual increase of 4.8%; balance of currency in circulation (M0) 8.82 trillion, an increase of 10 in ten years.9%.The Air Force is affected by the superimposed factors of the Spring Festival and the epidemic situation. In January, the M1 growth rate was rarely 0.  Wen Bin, chief official of China Minsheng Bank, said that this year, the implementation of RRR cuts, increased open market operations, and lowered policy interest rates to maintain reasonable and sufficient liquidity.Public information shows that two days before the opening of the financial market in early February, it gradually started through short-term reverse repurchase operations1.7 trillion of funds, and then invested in medium and long-term funds through MLF (medium-term loan facility).  A person close to the regulator said that the M0 growth rate significantly increased to 10.9% is related to the fact that cash remains in residents after the Spring Festival and has not been deposited in banks.M1 grows by 4 every year.8%, an obvious rebound at the end of January earlier, in which the growth rate of corporate demand deposits was 3.6%, 8 higher than the end of January.The three single, mainly accompanied by the development of the epidemic, the financial system has increased support for the real economy, the company’s production and operation motivation has increased, and the demand deposits prepared have also increased accordingly.  Changwei Securities macro analyst Zhao Wei believes that the impact of the epidemic on the macro economy may be concentrated in the first quarter; from the second quarter, with the gradual recovery of economic activity, the economy may appear to have a recovery rebound.At first glance, the pressure of a broad fiscal balance will still suppress the space for economic recovery.It is expected that the annual economic performance will be “inverted V” trend.A person in charge of the asset management department of the brokerage believed that the impact of the epidemic should be digested in the first half of the year, and the economy gradually returned to the right track in the second half of the year.  The increase in social finance has previously decreased by 111.1 billion. According to additional data, preliminary statistics show that the stock of social financing scale at the end of February was 257.18 trillion, an increase of 10 in ten years.7%.In February, the scale of social financing increased by US $ 855.4 billion, which was US $ 111.1 billion less than the same period last year.  ”This increase is lower than in February, where the Spring Festival was last year, indicating that the epidemic has affected residents’ consumption and physical financing needs, and the counter-cyclical adjustment policy is also necessary to increase efforts.”A broker from the asset management department told the sauna, Yewang.  Specifically, the multi-item merger of social financing dragged down. In January, it supported government bond financing with a large increase in social financing. In February, net financing was 182.4 billion US dollars, which was less than 252.3 billion US dollars per year.”Non-standard” three asset financing also continued to increase, of which entrusted debt decreased by 35.6 billion US dollars, a reduction of 15.2 billion US dollars per year; trust debt decreased by 54 billion US dollars, an additional reduction of 50.3 billion US dollars; undiscounted bank acceptance bills decreased by 3961Billion, a reduction of 85.8 billion a year.  A brokerage macro analyst told reporters that due to the epidemic, the demand for trust, infrastructure, real estate and other industries or fields has decreased. Many of them were stagnant in February. After the government issued more than 700 billion yuan of government bonds in January, the remainingThere are not many, so the overall increase in social financing has dropped sharply.But she also said that from January to February, the data performance is not bad.  The cost of bond financing has fallen, and corporate debt has accelerated. Some people close to supervision said that the growth rate of corporate bond and stock financing has increased significantly.The growth rates of corporate bond financing and stock financing were 14.5% and 5.9%, 0 higher than the end of last year.7 and 0.9 averages.During the epidemic, the financial system optimized the work process, improved the efficiency of the issuance, and provided funds for the company through bonds and stocks. At the same time, the cash was used to pay for the issuance of the epidemic prevention and control debt, which reduced the financing cost of the enterprise and provided funds for the subsequent resumption of productionready.  A prominent example is that housing companies have issued debt financing, and the scale of financing has been further expanded.Wind data shows that on January 2, 2020, domestic housing enterprise bond financing was 248.4 billion, an increase of 36%.  This is related to policy support.The highest in recent times, the Securities Regulatory Commission and other departments have repeatedly expressed their support for private enterprise bond financing.On February 24, Peng Lifeng, deputy director of the long-term financial market department, said at the press conference of the State Council of China that the transition exceeded the expected issuance liquidity, the bond market liquidity was relatively ample, and the cost of bond financing fell.  ”Now looking at the one-year and three-year AAA medium-term note yields are 2, respectively.75% and 3.05%, which is about 30 basis points lower than before the Spring Festival. The decline in bond financing costs will help companies continue their debts.In addition, green channels have been established for the debt issuance expansion of the affected financial institutions and enterprises, so the improvement of issuance efficiency is also conducive to alleviating the pressure of corporate refinancing.”Peng Lifeng said.  For the relief of enterprises, the increase of unit loans extended by nearly 300 billion yuan is the increase in the growth rate of corporate debt financing. The increase in corporate loans is also a bright spot in the two-month financial data.  The data shows that the RMB loan balance at the end of February was 157.36 trillion yuan, an annual increase of 12.1%, which was the same as that at the end of January; the month increased by 905.7 billion, and increased by 19.9 billion many times.Among them, unit loans were redistributed and increased by 1.1 trillion US dollars, an increase of more than 299.2 billion US dollars a year; of which short-term unit loans increased by 654.9 billion US dollars, an increase of 506.9 billion US dollars a year.  ”The increase in the increase in loans to physical enterprises by crime plot finance has provided the necessary liquidity support for the normal operation of the enterprise and prevented the situation of the enterprise from breaking the cash flow.”” Someone called it earlier.  Zhao Wei, a macro analyst at Cheung Kong Securities, also said that the supplementary credit was slightly higher than the same period last year, or that it mainly came from credit support for epidemic prevention and control.Since February, it has provided $ 800 billion in special re-loans each year, and then re-discounted re-loans to support epidemic prevention and control and alleviate sleepiness mechanisms, thereby increasing the growth of short-term corporate debt.With policy support, corporate short-term loans increased by 506.7 billion to 654.9 billion annually, while bill financing declined significantly.  The annual increase of “mortgage loans” by hundreds of billions of epidemics has affected the sales and consumption of commercial housing, resulting in a substantial net decrease in residential loans, with a net increase of medium- and long-term loans of USD 37.1 billion and a net decrease of short-term loans of USD 450.4 billion.  From the perspective of housing loans, household sector loans decreased by US $ 413.3 billion in February this year, of which mid- and long-term loans that reflected changes in housing loans increased by US $ 37.1 billion. In 2019, this figure increased by US $ 222.6 billion, which means that there were fewer in February this year.An increase of 185.5 billion yuan.  This, Zhang Dawei, the chief analyst of Zhongyuan Real Estate, told reporters that the decrease in February mortgage data was mainly due to the fact that banks did not open their doors and the property market shut down.According to the normal credit rhythm, the loans in February are basically second-hand houses from December to January of the previous year, or newly built commercial houses in the previous period (because most new houses will be capped for about one year, and the loans will be delayed by one.Years, and second-hand housing will lag 1-2 months).At present, the downturn in the real estate market will gradually affect the mortgage data. It is expected that the mortgage data in March will be improved from February.  This edition adopts writing / sauna, night net Cheng Weimiao

17 years later, Lu Jiaxin honored the agreement with Wu Qingfeng

17 years later, Lu Jiaxin honored the agreement with Wu Qingfeng
In the Chinese music scene, people like to describe the return of a singer with the term “reverse ___ 年”.For Lu Jiaxin, the number to be filled in this blank space is: 17.  Lu Jiaxin, who is definitely in film and television, and the development of the drama circle, finally released his second album “Luo Luo Da Fang” in the second half of 2019.In this behind-the-scenes list of hard-won works, there are blessings from old friends such as Wu Qingfeng, Zhang Zhenyue, Wu Yukang and teachers, as well as the joining of new partners such as Ai Yiliang, Xie Zhenting and Li Yu, while still not leaving Lu JiaxinSelf-expression.In an exclusive interview with Sauna Night Network in Beijing, Lu Jiaxin was full of enthusiasm and brilliance when he mentioned “Fall and Fall”-the birth of this extremely “private” music work is the internalization and explosion of the singer’s own lifeline.  In 2002, Lu Jiaxin released his first album “You Don’t Understand”.Shortly after the album was released, Lu Jiaxin’s career as a singer was suspended due to problems with the record company.And this stop is 17 years.  At 17 years old, although Lu Jiaxin slowed her pace as a singer, she never gave up her passion for music.She once briefly formed a two-person band called “LUPE” with her friend Easy Shen, and also released singles out of pocket. When talking about the film release plan, Lu Jiaxin bluntly said that everything is about chance.”Because I am a person with a more comfortable personality, I follow the trend of life, quietly, I will not make my pace too busy.This time it was because I suddenly felt that I had something to say, and because I accumulated a lot of lyrics, I suddenly felt as if I could publish them, and I had such a “impulsive” birth.”The stage and the stage play Before the stage of the personal concert, Lu Jiaxin was more familiar with the stage of the drama.In 2011, after getting connected with the role of Lin Daiyu in Lin Yihua’s “Jia Baoyu” and stage drama, Lu Jiaxin appeared in a series of works such as “Detective of the Heart”, “Heirs of Liang Zhu” and “Liao Zhai”.Long-term rehearsals and touring have made Lu Jiaxin form a deep friendship with the directors and actors of the same crew, and also made her emotional expression and interpretation ability further improved.  When the album “Luo Luo Da Fang” came online, Lu Jiaxin happened to catch up with a rehearsal of “Heir of Liang Zhu”. “Before the rehearsal at that time, the actor will first try his microphone on the stage,” she recalled with a smileThe scene at the time, “When it was my turn,” Etching Day “was released on our stereo, and then everyone applauded and let me sing, but because I was shy, I didn’t sing, but I felt very warm.Everyone will share with me how they heard the album. During my concert in Taipei, Director Lin Yihua actually flew over from Hong Kong to hide from me!He later told me that this was a historical moment in my life and he did not want to miss it.I really feel particularly moved.”The former roommate” Wu Qingfeng on the evening of November 30, Lu Jiaxin asked everyone how they knew themselves at the concert in Beijing. Alternatives include new albums, stage dramas, scandals, “Kangxi is Here”, and Wu Qingfeng.  In this album, Wu Qingfeng and Lu Jiaxin wrote an important title song “Eclipse”, and a few years ago, when soda green had not yet stood on the dome, but only a very popular “underground orchestra” in Taiwan, Lu JiaxinHe met with lead singer Wu Qingfeng by singing on KTV and became a roommate.”At that time I was about to move out of my parents’ house. He graduated from college and wanted to move to a place in the urban area, so we decided to share the rent.”In Lu Jiaxin’s memory, this shared experience was very good. The two of them personally painted the opening of the room green. The two night owls also like to watch the episode” Cherry Maruko “together at dawn and then return to their rooms.Sleep, “We all like to sing KTV, at least three or four times a week, when one person sings, the other is eating.These are all things that are hard to come back to when we grow up.”Lu Jiaxin told the sauna, Yewang, when she gave her first album to Qingfeng, she wrote a sentence on it:” I like your creation very much, I hope I can write a song for you one day. “”When Qingfeng took the initiative to point out this matter in the preparation of” Falling and Falling “, both of them were deeply moved, and finally realized the agreement for more than ten years in the name of co-authoring” Eclipse “.  ”Elephant Sitting on the Floor” Lu Jiaxin graduated from the Chinese Department and is a full-fledged youth.One day, after watching the movie “Elephant Sitting on the Floor”, Lu Jiaxin suddenly had the inspiration to write “Manzhouli”: “There is a stubborn feeling that has always remained in my heart, very deep.”However, the song” Manchuria “is not really related to the movie itself.The picture that Lu Jiaxin thought of was the hospital.  As his parents grow older, Lu Jiaxin must often accompany him in and out of the hospital for medical checkups, “No matter when I go, on holidays, on weekdays, there will always be so many people waiting in line, taking medicines, registering . Many people are hanging or sittingLooking out the window in a wheelchair.When I see these pictures, I always wonder what they are thinking?Are they happy or not?Do they want to stay?If they want to stay, why do they want to stay so hard?”Based on this imagination of a stubborn and energetic child, Lu Jiaxin composed the lyrics of” Manzhouli “and invited Ai Yiliang to compose the song,” I was very embarrassed when I invited her, because we don’t actually know.But she didn’t expect that she said she liked the lyrics of “Manzhouli” very much, and she even wrote the song soon.After she handed in the song, it really matched my imagination of “Manzhouli”.”Challenges for the future” In “Fair and Easy”, Lu Jiaxin collaborated with musicians like Ai Yiliang, Xie Zhenting, Wei Li’an, etc. As for the partners she hopes to cooperate with in the future, she named the name “Chen Shanni”.The female singer has a special feeling and looks forward to working with her.”Returning to the music scene as a singer now, Lu Jiaxin admits that he has not thought too much about the future music path,” because I usually suddenly find something to say before I do it, not because I want it.Keep a hair volume and go.Lu Jiaxin said with a smile, in music, what he wants to challenge in the future, one is to cooperate with Qingfeng to make an album, and the other is to write songs to others, “Because I have not done this thing, I feel like I can tryTry it.The text is very private, but it is very free during the second creation, so it feels very interesting.”Writing / Sauna, courtesy of Yang Changyi