昨日，中国人民银行公布的一份社会融资数据（下称“数据”）显示，2002至2011年，我国社会融资规模出现了大幅增长，短短10年期间规模增至原来的6倍多。这是自去年央行开始公布月度社会融资总量数据以来，首次公布社会融资总量的历史年度数据。

yesterday,The people's bank of China released a social financing data(said"data")display,From 2002 to 2011,China's social financing scale appeared sharp increase,A short 10 years to the original scale during the six times more.This is since last year the central bank began to published monthly social financing amount since the data,First announced the history of social financing total annual data.

　　数据显示，我国社会融资规模在2002至2011年期间，由2万亿元扩大到12.83万亿元。经测算，社会融资总量年均增长22.9%，比同期人民币各项贷款增长率高6.1个百分点。央行称，2011年社会融资规模与GDP之比为27.1%，比2002年提高10.4个百分点。

Data display,China's social financing scale in the 2002 s and 2011 s,By 2 trillion yuan to expand to 12.83 trillion yuan.According to the calculation,Social financing amount the average annual growth of 22.9%,Over the same period the growth rate of RMB loans high 6.1%.The central bank said,2011 social financing scale and the ratio of GDP is 27.1%,More than 2002 increased by 10.4%.

　　社会融资规模是指一定时期内实体经济从金融体系获得的资金总额，包括人民币贷款、外币贷款、委托贷款、信托贷款、未贴现的银行承兑汇票、企业债券、非金融企业境内股票融资、保险公司赔偿、投资性房地产和其他金融工具融资十项。

Social financing scale is to point to a certain period of entity economy from the total amount of funds for the financial system,Including RMB loan/Foreign currency loan/Entrust loan/Trust loans/Not discount bank acceptance bill/Corporate bonds/Non-financial enterprises in China stock financing/Insurance company to compensate for/The investment real estate and other financial tool financing ten.

　　近年来，我国金融结构多元发展，形成证券、保险类机构对实体经济资金支持总量明显上升，商业银行表外业务对贷款表现出明显替代效应，表外融资规模增长迅速。

In recent years,China's financial structure diversified development,Formation securities/Insurance institutions to economic entity that the total amount of money to support increased dramatically,Commercial bank's off-balance sheet business loans to show obvious substitution effect,Off-balance-sheet financing scale growth rapidly.

　　数据显示，2002年人民币贷款占社会融资规模的91.9%，其他融资占比仅为8.1%，而2010年之后人民币贷款占社会融资规模的比重下降至60%以下。

Data display,2002 RMB loans accounted for 91.9% of the social financing scale,Other than financing accounted for only 8.1%,And after 2010 RMB loans accounted for the proportion of social financing scale dropped to below 60%.

　　数据还显示，2011年除人民币贷款外的其他方式融资为5.36万亿元，是2002年的32.7倍，占同期社会融资规模的41.8%，比2002年上升33.7个百分点。

Data also shows that,2011 RMB loans in addition to the other way financing for 5.36 trillion yuan,Is 32.7 times that of 2002,The same period accounted for 41.8% of the social financing scale,Up 33.7% over 2002.

　　为此，2010年12月和2011年12月两次中央经济工作会议，以及2011年3月和2012年3月两份政府工作报告中均提出“保持合理的社会融资规模”。自2011年起，人民银行正式统计和公布社会融资规模数据，此后该指标成为我国宏观调控的新指标。

therefore,In December 2010 and December 2011 two times the central economic working conference,And in March 2011 and March 2012 two government work report are put forward"Keep reasonable social financing scale".Since 2011,People's bank official statistics and publish social financing scale data,Since then this index become our country's macroeconomic regulation and control of the new index.

　　央行调查统计司负责人指出，金融调控如果只盯着贷款就会造成“按下葫芦浮起瓢”的现象，只有将商业银行表外业务、非银行金融机构提供的资金和直接融资都纳入统计范畴，才能全面监测和分析整个社会融资的状况。

The central bank survey statistics of person in charge pointed out,Financial control if only stare at loans can cause"Press the bottle gourd float gourd ladle"phenomenon,Only the commercial bank's off-balance sheet business/Non-bank financial institutions to provide funds and direct financing are integrated into the statistical category,To comprehensive monitoring and analysis of the society as a whole financing situation.

　　此前有业内人士也对社会融资总量的可测性提出过质疑。

After the personage inside course of study also on social financing of the total amount of measurable raised questions.

　　“该指标首先面临可测性问题，因统计公式中不包括国债，因此并不全面；且该指标与经济变量的关系尚需检验，对于某些经济变量可能还不如现有的统计指标，存在相关性问题。”中国社科院金融副所长殷剑峰此前向媒体表示。

"The index first face measurability problem,For statistical formula do not include national debt,So are not comprehensive;And the index and the relationship between the economic variables is needed to test,For some economic variables may also as existing statistical index,There is a correlation problem."By the Chinese academy of social sciences financial deputy director YanJianFeng previously said to the media.

　　据悉，随着我国金融市场发展和金融创新深化，实体经济还会增加新的融资渠道，如私募股权基金、对冲基金等，未来条件成熟，也将其计入社会融资规模。

It is reported,Along with the development of financial markets and financial innovation deepening,The real economy will also add new financing channels,Such as private equity fund/Hedge funds,The future conditions mature,Will also be included in its social financing scale.

　　数据还显示，在非贷款类融资方式中，2011年企业债券和非金融企业境内股票合计融资1.80万亿元，合计占同期社会融资规模的14.0%，比2002年提高9.1个百分点。2011年实体经济通过未贴现的银行承兑汇票、委托贷款和信托贷款从金融体系融资合计达2.53万亿元，近年兴起的小额贷款公司在2011年实现新增贷款1934亿元，也比2009年增长1.5倍。

Data also shows that,In the loan financing way in class,2011 years of enterprise bonds and non-financial enterprises in China stock financing total 1.8 trillion yuan,The total accounted for 14.0% of the social financing scale,More than 2002 increased by 9.1%.In 2011 the real economy through the not discount bank acceptance bill/Entrust loans and trust loans from financial system financing add up to 2.53 trillion yuan,In recent years the rise of small loan companies in 2011 years to achieve new loans 193.4 billion yuan,Than 2009 increased by 1.5 times.

　　“社会融资总量统计，有利于促进金融宏观调控更具有针对性和有效性，促进金融宏观调控机制的市场化改革。社会融资规模能够将数量调控和价格调控有机结合起来，进一步推进利率市场化。”央行指出，“能够多角度地反映各类融资支持实体经济的状况，反映金融服务和支持实体经济的本质要求。”

"Social financing amount statistics,To promote financial macro-control is more pertinence and effectiveness,The promotion of financial macro-control mechanism of market reform.Social financing scale to quantity control and price regulation organic combination,Further interest rate marketization."The central bank pointed out that,"Can reflect from different angles, and all kinds of financing support to the real economy condition,Reflect the financial service and support the essential requirements of the real economy."

　　此外在央行看来，该指标在金融危机的背景下，还发挥了金融监管和规避系统性风险的功能。

In addition in the central bank looks,The index in the background of the financial crisis,Also play the financial supervision and regulation to avoid systemic risk function.

　　央行调查统计司负责人指出，社会融资规模不仅能从总量上反映金融系统性风险，还能反映金融风险在不同金融机构、不同金融市场之间的传导，从而有利于强化对系统重要性金融机构、市场和工具的监管，最终达到防范整个金融体系系统性风险的目的。

The central bank survey statistics of person in charge pointed out,Social financing scale can not only reflect the total amount of financial systemic risk,Can also reflect the financial risk in different financial institutions/Between different financial market of conduction,Thus to strengthen system importance financial institutions/The supervision of the market and tools,Finally achieve the financial system to prevent the purpose of systemic risk.

　　“存款性公司资产负债表不能完全反映货币信贷创造过程；资产负债期限转化职能不仅发生在传统商业银行，而且发生在"影子银行"等其他形式中。大量具有系统重要性的金融机构、市场和产品游离在外，它们都可能成为系统性风险的重要来源。”央行称。

"Deposit sex company balance sheet cannot fully reflect the currency credit creation process;Assets and liabilities term transformation function not only occurred in the traditional commercial bank,And happened in"Shadow Banks"And other forms.A large number of systemically important financial institutions/Market and product free out,They are likely to become an important source of systemic risk."The central bank said.