Lates News

The research report from CITIC Securities stated that the growth rate of social financing continued to rise in April, mainly due to the low base caused by last year's government bond issuance and low credit demand. On one hand, the halt in hand-made subsidies in April last year led to a low credit base, and on the other hand, the net financing of government bonds in April last year was the lowest value since it was included in the social financing statistics. However, considering that April itself is a small month for social financing and credit, further observation is needed to determine the financing demand. Looking ahead, the negative impact of tariffs on the economy objectively exists, but in the context of loose monetary conditions and accelerated fiscal efforts, we expect the growth rate of social financing to remain stable in the second quarter.