Central bank official to the media: A more diverse financing structure, with loan growth rates lower than deposit growth rates, is inevitable.

The People's Bank of China's own "Financial Times" stated in an article that "in recent years, the financing structure in our country has undergone profound changes. The channels for creating bank deposits have become more diversified. In addition to loans creating deposits, bank bond investments are also an important way for deposit creation, and are an important way to finance the real economy. This means that it is inevitable for the loan growth rate to be lower than the deposit growth rate." Industry experts have stated that by 2025, the proportion of Renminbi loans in the incremental scale of social financing will decrease to 44.7%, while the proportion of bond financing will increase to 45.6%. The importance of loan issuance in deposit currency creation will decrease, leading to a noticeable decrease in loan growth rate compared to deposit growth rate. This is also normal, and does not indicate a buildup of liquidity or capital stagnation.