Financial Times: The explanation of loans as the sole channel is gradually diminishing, and it is advisable to pay more attention to the indicators of social financing scale and money supply volume.

The Financial Times reported that for January data, industry experts generally believe that the continuous efforts of moderately loose monetary policy and the government's prioritization of issuing bonds are still important reasons. "In recent years, as loans as a single channel have increasingly had difficulty reflecting the full picture of financial support for the real economy, observing the total size of finance requires more focus on the scale of social financing and the monetary supply indicators," said an industry insider. Different financing methods will replace each other, and the explanatory power of loans as a single channel is gradually declining. It is recommended to focus more on the scale of social financing and the indicators of monetary supply to better reflect the overall strength of financial support for the real economy.