Oct 14, 2021 09:55 AM (GMT+8) · EqualOcean
CICC believes that the new social financing and loans in September were weaker than expected, and the medium and long-term loans were the main drag, but the loan data were not as weak as shown. The contribution of high base and weak new loans was about 40-60%, and the contribution of weak demand in recent two months did not intensify. The high base was mainly due to the credit expansion last year and the credit demand for survival of enterprises after the epidemic. Finance is accelerating its efforts. It is expected that the year-on-year increase of government bond net financing in the fourth quarter may exceed trillion, and the carbon emission reduction support tools will be gradually implemented. The year-on-year low of social finance may have been found, and it may stabilize and rise slightly in the fourth quarter.