According to data released by the People's Bank of China on August 14, the weighted average interest rate for new loans issued by enterprises in July was slightly below 3.0%, about 0.2 percentage points lower than the same period last year. Experts said that in a vertical comparison, policy interest rates have been reduced by 1.15 percentage points since the current interest rate cut cycle, while the average interest rate for corporate loans has dropped by about 2.6 percentage points, which is clearly greater than the policy interest rate. Looking at a horizontal comparison, during the US zero policy interest rate period, the average loan interest rate was still around 4.3%. Relatively speaking, China's loan interest rate is already at a low level. “The downward trend in interest rates indicates that the current credit supply has fully met market demand, and monetary policy remains moderately relaxed.” The experts mentioned above said that price is a basic signal reflecting the relationship between supply and demand. If the price continues to drop, it indicates that the product is in oversupply. The same is true of credit. Under the combined influence of supply and demand forces in the credit market, interest rates on loans showed a downward trend, indicating that credit investment has been sufficient to meet market demand. Looking ahead, the experts mentioned above said that in the future, interest rates should mainly be used to observe the matching between credit supply and demand. In recent years, China has implemented new development concepts and achieved positive results in promoting high-quality development. The industrial structure has been deeply adjusted, growth momentum has been converted between old and new, and the credit supply and demand situation reflects the transformation of the economic structure. Credit, like other commodities, should meet people's production and living needs; there is no need to pay too much attention to scale growth. China's M2 share of GDP is no longer low, and credit supply can meet the financing needs of the real economy. In the future, we should pay less attention to the scale of credit and pay more attention to prices, that is, changes in market interest rates.

According to data released by the People's Bank of China on August 14, the weighted average interest rate for new loans issued by enterprises in July was slightly below 3.0%, about 0.2 percentage points lower than the same period last year. Experts said that in a vertical comparison, policy interest rates have been reduced by 1.15 percentage points since the current interest rate cut cycle, while the average interest rate for corporate loans has dropped by about 2.6 percentage points, which is clearly greater than the policy interest rate. Looking at a horizontal comparison, during the US zero policy interest rate period, the average loan interest rate was still around 4.3%. Relatively speaking, China's loan interest rate is already at a low level. “The downward trend in interest rates indicates that the current credit supply has fully met market demand, and monetary policy remains moderately relaxed.” The experts mentioned above said that price is a basic signal reflecting the relationship between supply and demand. If the price continues to drop, it indicates that the product is in oversupply. The same is true of credit. Under the combined influence of supply and demand forces in the credit market, interest rates on loans showed a downward trend, indicating that credit investment has been sufficient to meet market demand. Looking ahead, the experts mentioned above said that in the future, interest rates should mainly be used to observe the matching between credit supply and demand. In recent years, China has implemented new development concepts and achieved positive results in promoting high-quality development. The industrial structure has been deeply adjusted, growth momentum has been converted between old and new, and the credit supply and demand situation reflects the transformation of the economic structure. Credit, like other commodities, should meet people's production and living needs; there is no need to pay too much attention to scale growth. China's M2 share of GDP is no longer low, and credit supply can meet the financing needs of the real economy. In the future, we should pay less attention to the scale of credit and pay more attention to prices, that is, changes in market interest rates.