Chinese Financial Times: Do not judge the overall situation based on short-term fluctuations in financial data.

According to a report by the Financial Times supervised by the central bank, on July 15, the central bank released a report on financial statistics for the first half of the year. The data shows that as of the end of June, the balance of RMB loans was 28.263 trillion yuan, an increase of 5.2% year-on-year. Some people mistakenly equate the current credit growth rate adjustment with a contraction in financial support, which is obviously inappropriate. It should be noted that against the background of domestic industrial iteration, the essence of the credit growth rate adjustment is fundamentally the inevitable result of the financial system adapting to the economic transformation and upgrading, and it is also a necessary process for the high-quality development of the financial sector. When looking at financial data, one must avoid judging the overall situation based on short-term fluctuations. Credit issuance naturally exhibits significant seasonality, and various factors such as the rhythm of enterprise production and operation, the implementation cycle of major projects, bank asset-liability management, and quarterly performance assessments can cause fluctuations in monthly loan increments. In addition, the equity and bond financing in social financing are more influenced by factors such as capital market trends, corporate financing planning, and market investment preferences, leading to more pronounced volatility. To assess the level of support provided by the financial sector to the real economy, one must look beyond the limitations of monthly data and observe the level of support from a longer-term and more comprehensive perspective.