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Guolian Securities commented on China's financial data in August: credit expansion has achieved initial results, and follow-up policy support is needed Guolian Securities (601456) believes that the new RMB loans from social finance in August continued to drag down residents' medium and long-term loans, while policies and infrastructure investment helped companies perform well in medium and long-term financing. The current policy of stabilizing growth continues to increase, which is expected to drive economic recovery and credit improvement in September. Stabilizing real estate is still an important part of stabilizing the broader economic market, and we will continue to pay attention to the effect of the incremental policy of stabilizing real estate at both ends of supply and demand. For monetary policy, the current monetary credit transmission mechanism is still not smooth, and the economy is under great downward pressure. It is expected that continued monetary easing will be the general direction in the future. The central bank will continue to stimulate financing demand by reducing the cost of banks' liabilities, and reduce loan interest rates. |