Total 社会融资 (“社会融资规模” or “社会融资总量,”also referred to in English as“aggregate financing to the real economy”) refers to the aggregate volume of funds provided by China’s domestic financial system to the private sector of the real economy within a given timeframe.
TSF是增值概念， 因为 它旨在衡量实体经济在给定时间段（无论是一个月，一个季度还是一年）中从整个金融系统获得的资金总额。
The first is all funding support provided by financial institutions towards the real economy, which includes sub-indices 1. RMB loans, 2. foreign currency loans, 3. entrusted loans, 4. trust loans, 6. corporate bonds and 7. non-financial corporate equity held by financial institutions, insurance company repayments and investment property.
The second is standardised financial instruments used by actors in the real economy to obtain direct financing with the assistance of financial institutions, including sub-indices 5. bank bills of acceptance, 7. non-financial corporate equity fund-raising and and 6. corporate bond issuance.
PBOC definition of total 社会融资 was expanded in 2018 to include the asset-backed securities of depository financial institutions and loans written off starting in July of that year, as well as local government special bonds in September.
The financing principle dictates that sovereign bond issuance is not included in TSF, 因为 the issuer of sovereign bonds is the government, which means that any funds raised fall under the category of fiscal policy.
TSF is an added value concept, and thus refers to the difference in the total debt balance at the beginning and start of a period, or the amount of debt issued or arising in a given period minus the amount repaid during the same period.
At the start of 2010 Chinese Premier Wen Jiabao made reference to“maintaining a rational scale and pace of 社会融资”(保持合理的社会融资规模和节奏), while in the same year the Central Economic Work Conference (中央经济工作会议) made reference to“maintaining rational total 社会融资” (保持合理的社会融资规模).
2011年1月，人民’中国银行参考“maintaining rational total 社会融资”在其年度工作会议上。
PBOC released its“2010 Fourth Quarter Monetary Policy Implementation Report”on 30 January 2011, which made reference to“focusing more on the role of monetary volume in guiding expectations during macro-adjustments, focusing more on balancing the level of support of finance for the economy from the perspective of total 社会融资…it is necessary to maintain rational total 社会融资, strengthen the role of the market in resource allocation, and further raise endogenous drivers of economic development” (“在宏观调控中需要更加注重货币总量的预期引导作用，更加注重从社会融资总量的角度来衡量金融对经济的支持力度，要保持合理的社会融资规模，强化市场配置资源功能，进一步提高经济发展的内生动力”).
随后，这一概念成为了中国人民银行从中国过渡到中国的金融和经济讨论的焦点。“适当松动” (适度宽松) to “stabilisation” (稳健).
In January 2011 the Development Research Centre of China’s State Council held the“International Financial Market Analysis Annual Conference”(国际金融市场分析年会), while Guanghua School of Management at Peking University held the“Guanghua New Year Forum”(光华新年论坛), where various experts weighed in on the significance of the new concept.
Li Wei, then chair of the State Council’s Development Research Centre, said that the introduction of TSF was part of efforts by the central government to contain the inflation created by the stimulus plan launched in the wake of the Great Financial Crisis to shore up China’s economic growth.
“The current focus of macro-economic policy proposed for this year by the central government is the suppression of inflation. Over the past two years expansionary monetary and fiscal policy was adopted in order to deal with crisis and avoid a large-scale decline in the economy.
“This has had a highly pronounced effect when it comes to raising economic growth, but any policy of any country in any era will be necessity have two sides. The drawbacks of this policy are gradually becoming apparent, and high inflation is one of them.”