Recent plans require great improvements in efficiency and quality of regulation, with more resources diverted into weak areas. Direct financing will be prioritized while indirect financing will be improved through the transformation of major state-owned banks and by making better use of smaller banks and private financial institutions.
More money was channeled into the real economy in H1. New private investment increased by 1.4 trillion yuan (about 200 billion yuan) from the same period a year ago to 11.2 trillion yuan.
Banks issued 7.97 trillion yuan of new yuan-denominated loans, 436 billion yuan more than the same period last year.
Internationalization of the yuan and increasing convertibility of the capital account should proceed at a steady pace. To that end, last month, overseas investors gained increased access to the Chinese mainland's 10 trillion U.S. dollar bond market. The bond connect platform with Hong Kong allows qualified overseas investors to trade bonds on the mainland interbank bond market, including treasury bonds, local government bonds, policy bank bonds and commercial bank bonds.
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