At the end of August, the balance of RMB loans grew by 4.9% year on year, with the increase in loans in the areas of the "five major financial articles" accounting for more than 70%.

The financial statistics report released by the People's Bank of China on September 14 shows that at the end of August, the balances of broad money, outstanding social financing, and RMB loans increased by 7.5%, 7.2%, and 4.9% year on year, respectively, with growth rates edging down from the previous month. Industry experts believe that financing channels such as bonds and equities have continued to gain momentum, and the diversified financing structure is better aligned with the needs of economic transformation. The current slowdown in loan growth does not amount to credit contraction, as loan interest rates remain at historic lows, reflecting that the reasonable credit needs of enterprises and residents are basically met; loans in the areas covered by the "five major financial articles" accounted for more than 70% of the increase in all loans, indicating that credit growth is shifting toward quality-oriented development.