China's broad money supply continues to grow thanks to various policy support, with M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 7.5 percent year on year to 309.71 trillion yuan (about 42.85 trillion U.S. dollars) at the end of October, according to the data released by the People's Bank of China on Monday.
This marked the growth of M2 for two consecutive months.
China has adopted a series of pro-growth policies, which have not only stabilized social expectations, but also boosted market confidence, accelerated capital flow, and improved market activity, experts said.
"The growth rate of M2 has steadily recovered, rising by a cumulative 1.2 percentage points over the past two months. Funds from the bond market and money management sector have started to flow back into deposits, while bank financing to non-bank financial institutions, such as securities and funds, has increased. Additionally, accelerated fiscal spending has led to a greater conversion of fiscal deposits into corporate deposits. All of these factors have contributed to the increase in M2, reflecting the growing influence of finance in supporting growth," said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited.
China's yuan-denominated loans rose by 16.52 trillion yuan (about 2.3 trillion U.S. dollars) in the first 10 months of 2024, the data shows.
Outstanding yuan loans reached 254.1 trillion yuan (35.15 trillion U.S. dollars) at the end of October, an increase of 8 percent year on year, according to the data.
Data also shows that outstanding social financing stood at 403.45 trillion yuan (about 55.82 trillion U.S. dollars) at the end of October, up 7.8 percent year on year.
Despite a high base last year, social financing managed to maintain high growth -- reflecting the greater role of finance in supporting the real economy.
China's broad money supply continues to grow amid policy support
Marking China's 11th Space Day, the China National Space Administration (CNSA) introduced major space projects in the 15th Five-Year Plan period on Friday in Chengdu, the provincial capital of Sichuan in the southwest, the main venue of a series of events marking this day.
Jointly sponsored by the CNSA and the provincial government, the event revealed major sci-tech achievements and space industry updates, with Shan Zhongde, head of the CNSA, introducing China's major space projects to be implemented in the next five years.
"In the areas of entering space, utilizing space, exploring space, and governing space, we will intensify the efforts to carry out key projects including manned spaceflight, lunar probe, planetary probe, and the national satellite internet. We will pace up the demonstration and launch of a new generation of space-power initiatives such as heavy-lift rockets, reusable launch vehicles, and next-generation national space infrastructure. In the fields of lunar and planetary probe, asteroid defense, on-orbit service, and space debris mitigation, we will deepen international collaboration, build the International Lunar Research Station, have in-depth engagement in global space governance, and create an open and cooperative landscape for China's space industry to build a community with a shared future for mankind," Shan said.
The CNSA also released a series of updates marking the Space Day, including the latest lunar discoveries from the Chang'e-5 mission, two new minerals named magnesiochangesite-(Y) and changesite-(Ce), selected international partners for the Tianwen-3 Mars mission, announcement of international cooperation opportunities for the Xihe-2 mission, and the Version 1.0 of the Commercial Space Standards System.
On the same occasion, Xie Jun, deputy chief designer of the BeiDou system, Zhang Bing, member of the Chinese Academy of Sciences, and veteran astronaut Ye Guangfu, were appointed as the 2026 China Space Public Welfare Ambassadors.
More than 30 side events will take place across Chengdu during the Space Day period. Highlights include a space science exhibition at the Chengdu New International Convention and Exhibition Center, a VR sci-fi drama aimed at extending space knowledge, and the Space Wish Initiative launched by the China Media Group (CMG), inviting the public to share their stories related to space.
"We plan to put up over 30 activities in various forms with rich content for the Space Day to give people a feeling for the evolution and dynamism of China's space program. Aside from offering academic exchange platforms for professionals, we place more emphasis on engaging the public, particularly young people, in carrying forward the spirit and culture of space exploration," said Wang Cheng, secretary-general of the China Space Foundation.
Officials introduces space projects in 15th 5-Year Plan period
