Commentary in the Shanghai Securities News: Do not let bills dilute the credit quality of loans with excessive issuance volume.

The article mentioned that in April this year, the monthly increase in bill financing reached a record high of 1.24 trillion yuan, since the statistics began. In May, bill interest rates continued to operate at low levels, with short-term rates approaching zero at one point, and state-owned banks continued to purchase bills in the secondary market. These phenomena all point to the same signal: the demand for entity financing has not been significantly restored, and funds that banks originally used to lend are partially shifting towards the bill market for supplementary purposes. In other words, some funds have not actually flowed into the demand for entity medium and long-term financing, but have completed scale adjustment within the banking system through bills. The closer the interest rate is to zero, the more it indicates that the demand for bank acceptance has moved away from normal profit constraints. This phenomenon is worthy of caution. Bill financing itself is not a problem, but the problem lies in excessive reliance on bill injections by banks. The credit data may not look bad on the surface, but real financing demand and the willingness of enterprises to invest in the medium and long term have not improved synchronously, making such credit growth prone to being "bloated." Furthermore, if bills are used to replace real loan issuance, it will not only fail to improve the investment willingness of enterprises, but may also shift credit assessments from serving the real economy to achieving short-term numerical targets. Especially at the end of the month or end of the quarter, if banks use bills as the main tool to boost scale and fill gaps, the quality of credit data will be diluted, and the quality of financial support for the real economy will be discounted.