General Secretary Xi Jinping pointed out，Economy is the body，Finance is blood，The two coexist and prosper。On the one hand，The development of the bet365 offer industry relies on the real economy，The bet365 offer industry itself is also an important part of the national economy，Changes in bet365 offer data reflect the operating conditions of the real economy，Can be used as a barometer and thermometer of economic development to a certain extent；On the other hand，The bet365 offer industry plays an important role in resource allocation，The allocation of bet365 offer resources largely reflects the efficiency of finance in supporting the real economy。Since 2023，Although my country’s macro economy is still facing downward pressure，But the bet365 offer system operates relatively steadily，Some bet365 offer data show a positive trend，Reflects the positive factors in my country’s economic development。

First，Financial risks are converging。First, the asset quality of bet365 offer has improved。Non-performing assets are a concentrated reflection of financial risks，In recent times，The situation of non-performing assets of my country’s bet365 offer has improved。Take the banking industry as an example，Second quarter of 2023，The non-performing loan balance and non-performing loan ratio of my country's commercial banks are 3.2001 billion yuan and 1 respectively.62%，Compared with the end of 2022, it shows a trend of “one increase and one decrease”。Among them，The balance of non-performing loans increased by 217.2 billion yuan compared with the end of 2022，Slight increase；Non-performing loan ratio decreased by 0 compared with the end of 2022.01 percentage points，Continuing the downward trend since 2021，Reflects the improvement in asset quality of my country’s bet365 offer。Second, the disposal of non-performing assets continues to remain at a high level。In the context of macroeconomic downturn，Accelerating the disposal of non-performing assets is of great significance to resolving existing financial risks，Provides protection for the bottom line of preventing systemic financial risks，Improved the resilience and risk prevention capabilities of the financial system。2017-2022，my country’s banking bet365 offer have disposed of nearly 15 trillion yuan in non-performing assets；Remaining strong since 2023，Reserves space for future business development of bet365 offer。Third, real estate financial risks have converged。As one of the pillar industries of the national economy，The real estate industry has an important impact on our country’s financial system。Entering 2023，my country’s real estate control policy has obviously shifted，The main tone of regulatory policies will also undergo major changes in the coming period。At the same time，All regions continue to optimize real estate control policies，Including optimizing purchase and sale restriction policies、Reduce the minimum down payment ratio、Provide tax subsidies for house purchase、Allow second-hand houses to be transferred with deposit，Wait。These policy optimizations are necessary to support rigid and improved housing needs、Preventing and resolving real estate financial risks has played a positive role，This has also resulted in the overall reduction of real estate financial risks。

Second，The overall operation of bet365 offer is sound。On the one hand，bet365 offer have good operating performance。Take the banking industry as an example，End of the second quarter of 2023，The total assets of my country’s commercial banks reached 337.52 trillion yuan，11 more than the same period in 2022.2%；From the perspective of profitability，Second quarter of 2023，The profit rate on capital (ROE) and profit rate on assets (ROA) of my country's commercial banks are 9 respectively.67% and 0.75%；From the perspective of capital adequacy，The capital adequacy ratio and tier-one capital adequacy ratio of commercial banks are 14 respectively.66% and 11.78%，All performance indicators are generally maintained at a good level。In addition，Securities、The operating performance of bet365 offer in the insurance industry also remains at a high level。On the other hand，The number of high-risk bet365 offer has significantly decreased。June 30, 2023，The ratings results of central bank bet365 offer for the fourth quarter of 2022 announced by the People’s Bank of China，The overall operation of my country’s banking bet365 offer is sound，Risk is generally controllable。Among 4368 participating institutions，There are 4022 institutions with rating results of 1-7 (lower risk)，Assets account for 98% of the total assets of all participating institutions.3%，Explain whether in terms of number of institutions or total assets，The current risks of my country’s bet365 offer are very low。From the perspective of regional distribution，High-risk bet365 offer are mainly concentrated in certain provinces，Shanghai、There are no high-risk bet365 offer within the jurisdiction of 10 provinces and cities including Zhejiang，High-risk bet365 offer in 13 provinces and cities remain at single-digit levels。From the perspective of development trends，The number of high-risk bet365 offer has significantly decreased，303 fewer companies than the peak in 2019，Nearly half the number。

　Third，bet365 offer support for the economy continues to increase。my country has always adhered to the positioning of bet365 offer support for the development of the real economy，Continuously inject bet365 offer "living water" into the development of the real economy。First, the scale of social financing maintains steady growth。First 7 months of 2023，The increase in my country’s social financing scale has reached 22.08 trillion yuan，An increase of 206.9 billion yuan compared with the same period in 2022；The stock of social financing scale is 365.77 trillion yuan，Year-on-year growth of 8.9%，Maintaining steady growth overall。Although the increase in social financing scale in July 2023 is only 528.2 billion yuan，Lower than market expectations，But don’t be too pessimistic。First，From the cumulative data，First 7 months of 2023，The increase in social financing scale increased by 206.9 billion yuan year-on-year，The overall growth rate remains at a high level。Secondly，New RMB loans in June reached 3.24 trillion yuan，a year-on-year increase of 187.3 billion yuan，Better than market expectations，This will form a certain overdraft for credit demand in July。Finally，The decline in RMB loan increment in July was mainly caused by the residential sector，New RMB loans in the corporate sector increased compared with the same period in 2022，Credit demand remains stable overall。Second, corporate financing costs continue to decline。As ​​an important part of business operating costs，The decline in financing costs will undoubtedly help improve the operating income of enterprises。Since 2022，my country’s monetary policy has always remained loose，Abundant market liquidity，Guide corporate financing costs to continue to decline。The weighted average interest rate of newly issued corporate loans in June 2023 is 3.95%，Decrease by 0 compared with the same period in 2022.21 percentage points，Continuing the downward trend in recent years，Enterprise financing costs continue to decline。Third, the RMB exchange rate tends to be stable。A stable RMB exchange rate is essential for stabilizing the price level、Maintain stable foreign trade、It plays an important role in reducing economic volatility。From the perspective of macroeconomic indicators and the basic balance of international payments，The RMB exchange rate does not deviate from the reasonable range。Since July 2023，The RMB exchange rate against the US dollar has changed the trend of unilateral depreciation，The fluctuations stabilized。With the end of the U.S. dollar interest rate hike cycle，The pressure for RMB depreciation has decreased，The RMB exchange rate is expected to fluctuate in both directions near a reasonable equilibrium level in the future period。

　Fourth，The credit distribution structure continues to be optimized。While the total amount of credit is growing，The micro credit lending structure is also constantly being optimized，Help improve the efficiency of serving the real economy。First, credit is given to the corporate sector。Enterprises are the main carriers of wealth creation in economic development。First half of 2023，12 new loans to Chinese enterprises (institutions).81 trillion yuan，1 year-on-year increase.42 trillion yuan，Accounting for 81% of total credit increment.5%，Occupying a dominant position in the increase in loans。Second, the investment direction of the corporate loan industry is further optimized。First half of 2023，The new loans of my country’s bet365 offer are mainly invested in the manufacturing industry、Infrastructure industry and other key areas，Loans in the real estate industry are also showing a recovery trend，The situation of financial resources "shifting from real to virtual" has improved，The investment direction of the corporate loan industry is further optimized。Third, the term structure of corporate loans has become medium to long term。End of June 2023，The medium and long-term loans invested by my country’s bet365 offer in the manufacturing industry increased by 40% year-on-year.3%，10 higher than the same period in 2022.7 percentage points，22 higher than the growth rate of medium and long-term loans in all industries.3 percentage points；Among them，Medium- and long-term loans to high-tech manufacturing increased by 41% year-on-year.5%，11 higher than the same period in 2022.5 percentage points。Also，Medium and long-term loans to the infrastructure industry are also growing rapidly。End of June，Infrastructure industry medium and long-term loans increased by 15% year-on-year.8%，3 higher than the same period in 2022.3 percentage points。Fourth, more personal loans are invested in the business field。First half of 2023，my country’s new household loans mainly flow to the personal business field。Among them，2 new personal business loans.3 trillion yuan，A year-on-year increase of 759.3 billion yuan；Personal short-term consumer loans increased by 300.9 billion yuan，A year-on-year increase of 401.9 billion yuan。Fifth, credit support for vulnerable groups has been strengthened。Small and micro enterprises、Private enterprise、Agriculture-related subjects are in a weak position in economic development，In recent years, credit funds have provided increasing support in the above fields。End of June 2023，Balance of various RMB loans of my country’s bet365 offer 230.58 trillion yuan，11 year-on-year increase.3%。Among them，Inclusive small and micro loan balance 27.69 trillion yuan，26 year-on-year increase.1%，The growth rate is 2 higher than that at the end of 2022.3 percentage points；Farmer production and operation loan balance 8.86 trillion yuan，18 year-on-year increase.3%，The growth rate of both types of loans is higher than that of all loans，Reflecting that credit support for these areas is continuing to increase。

What needs to be pointed out is，bet365 offer development is always accompanied by risks。Despite the recent positive changes in some bet365 offer data，However, bet365 offer risks in some areas are still prominent。Therefore，Coordinate bet365 offer development and bet365 offer security，Prevent and resolve major bet365 offer risks while giving full play to the resource allocation function of the bet365 offer industry，It is still the most important to promote high-quality economic development。

　　(The author is from the Institute of Finance, Chinese Academy of Social Sciences、Researcher at the National Finance and bet365 offer Laboratory)