China Financial Daily

State Research Center Fan Jianjun: days the amount of credit is not the housing market into the stock market
In 2009, the stock market rose more than 70%, the housing market rose more than 40%, which more people believe that a lot of credit funds have entered the above-mentioned areas. The amount of credit in the end the number of days into the real economy? Whether the housing market into the stock market, and pushed up the stock market, housing bubble?

For the people’s questions, the State Council Development Research Center of Financial Research Institute, Fan Jianjun, director of securities research at the response observed in the economic monthly, said: “Credit market expectations into the stock market is not over.”

Fan Jianjun made a calculation: the first half of Bank of New Credit 7.4 trillion, of which 11000 personal loans to the residents, it is basically impossible to return part of the funds; 6.3 trillion of loans to non-financial enterprises, these loans will become deposits, then at least the first half of corporate deposits increased 7.5 trillion, but the central bank data released by the first half of the increase in deposits of non-financial enterprises is only 5.9 trillion, only the difference between the 1.6 trillion disappeared.

“This year, in January the central bank announced another data for us to explain the whereabouts of 1.6 trillion provide clues, 1 month, 1.6 trillion of new credit, including loans to non-financial enterprises is 1.5 trillion, while financial enterprises are more than 1200 billion. “Fan Jianjun, said.

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