According to the latest financial data released by the central bank, in the first eight months of this year, RMB loans increased by 10.44 trillion yuan; at the same time, net financing of corporate bonds was 2.79 trillion yuan, an increase of 1.23 trillion yuan over the previous year; and domestic stock financing by non-financial enterprises was 470 billion yuan, an increase of 203.1 billion yuan over the previous year. The role of financing channels such as bonds and stocks has increased, and the ways in which finance supports the real economy have become richer and more diverse. What signals are being released behind this set of data? The “density of loans” has changed. While financial support is improving the quality and efficiency of the real economy, the current credit market is also showing some structural characteristics. According to industry insiders, the current credit market is also facing strong supply and weak demand. Banks have “exhausted their loans” to enterprises and residents eligible for loans. Loan supply has always remained at a high level, and the real economy's effective financing needs have been fully satisfied. However, in the process of converting old and new kinetic energy, demand for loans from new quality productivity is naturally low, and demand for loans in traditional fields such as real estate and infrastructure construction has declined. In the past, real estate and financing platform project construction mostly relied on mortgage guarantees and medium- to long-term loan financing. With changes in the supply and demand relationship in the real estate market and the resolution of local financing platform debt, the credit demand for capital-intensive enterprises that are traditionally high in “loan density” naturally declined, while the field of new productivity represented by scientific and technological innovation itself was relatively low. Currently, the increase in the quality and deceleration of loan scale has become the new normal. Financing channels are also more abundant, and are more suited to the needs of new productivity enterprises. For new productivity enterprises, various sources of capital such as equity investment, bank loans, corporate bonds, financial leasing, and supply chain finance can play a role. For enterprises, whether capital can be provided in a timely manner and whether the cost and period match profit expectations and production and operation needs are all important factors to consider in the financing process. Diversified financing options help enterprises rationally arrange capital to better meet the needs of R&D investment, equipment updates, and daily operations. Diversification of financing methods is reflected not only in the synergy and complementarity of new financing, but also in the replacement of existing financing. For example, when enterprises replace bank loans by issuing bonds, or local governments issue special bonds to replace hidden existing debts, it will objectively lower loan stock data. However, this is a normal adjustment in the optimal allocation of financial resources. The slowdown in loan growth as a single channel does not mean that credit expansion is weakening, or “tight credit,” but rather that enterprises receive financial support at a lower cost and in a more sustainable way. At the same time, local government special debt replaces hidden existing debt, which is also conducive to risk settlement and high-quality development.

According to the latest financial data released by the central bank, in the first eight months of this year, RMB loans increased by 10.44 trillion yuan; at the same time, net financing of corporate bonds was 2.79 trillion yuan, an increase of 1.23 trillion yuan over the previous year; and domestic stock financing by non-financial enterprises was 470 billion yuan, an increase of 203.1 billion yuan over the previous year. The role of financing channels such as bonds and stocks has increased, and the ways in which finance supports the real economy have become richer and more diverse. What signals are being released behind this set of data? The “density of loans” has changed. While financial support is improving the quality and efficiency of the real economy, the current credit market is also showing some structural characteristics. According to industry insiders, the current credit market is also facing strong supply and weak demand. Banks have “exhausted their loans” to enterprises and residents eligible for loans. Loan supply has always remained at a high level, and the real economy's effective financing needs have been fully satisfied. However, in the process of converting old and new kinetic energy, demand for loans from new quality productivity is naturally low, and demand for loans in traditional fields such as real estate and infrastructure construction has declined. In the past, real estate and financing platform project construction mostly relied on mortgage guarantees and medium- to long-term loan financing. With changes in the supply and demand relationship in the real estate market and the resolution of local financing platform debt, the credit demand for capital-intensive enterprises that are traditionally high in “loan density” naturally declined, while the field of new productivity represented by scientific and technological innovation itself was relatively low. Currently, the increase in the quality and deceleration of loan scale has become the new normal. Financing channels are also more abundant, and are more suited to the needs of new productivity enterprises. For new productivity enterprises, various sources of capital such as equity investment, bank loans, corporate bonds, financial leasing, and supply chain finance can play a role. For enterprises, whether capital can be provided in a timely manner and whether the cost and period match profit expectations and production and operation needs are all important factors to consider in the financing process. Diversified financing options help enterprises rationally arrange capital to better meet the needs of R&D investment, equipment updates, and daily operations. Diversification of financing methods is reflected not only in the synergy and complementarity of new financing, but also in the replacement of existing financing. For example, when enterprises replace bank loans by issuing bonds, or local governments issue special bonds to replace hidden existing debts, it will objectively lower loan stock data. However, this is a normal adjustment in the optimal allocation of financial resources. The slowdown in loan growth as a single channel does not mean that credit expansion is weakening, or “tight credit,” but rather that enterprises receive financial support at a lower cost and in a more sustainable way. At the same time, local government special debt replaces hidden existing debt, which is also conducive to risk settlement and high-quality development.