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
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
