According to the CITIC Securities Research Report, in terms of social finance, 3.76 trillion yuan was added in September, a year-on-year decrease of 372.2 billion yuan. Government bonds and RMB loans continue the pattern of greatest support and drag. In terms of credit, RMB credit under the central bank's caliber continued the year-on-year decline under a high base. In September, RMB loans increased by 1,590 billion yuan, a year-on-year decrease of 720 billion yuan. In terms of deposits, the return of capital led to a rebound in M2 growth, and the year-on-year decline in M1 growth narrowed. It should be noted that the effects of the macroeconomic policy package introduced at the end of September have not yet been transmitted to financial data readings. It is recommended to focus on the extent of improvement in financial data for the fourth quarter of this year. Looking backwards, with the development of a package of macroeconomic policies, the financing situation in the real estate sector may have improved in the fourth quarter, and government debt may continue to support the growth rate of social finance.

According to the CITIC Securities Research Report, in terms of social finance, 3.76 trillion yuan was added in September, a year-on-year decrease of 372.2 billion yuan. Government bonds and RMB loans continue the pattern of greatest support and drag. In terms of credit, RMB credit under the central bank's caliber continued the year-on-year decline under a high base. In September, RMB loans increased by 1,590 billion yuan, a year-on-year decrease of 720 billion yuan. In terms of deposits, the return of capital led to a rebound in the M2 growth rate, and the year-on-year decline in M1 growth narrowed. It should be noted that the effects of the macroeconomic policy package introduced at the end of September have not yet been transmitted to financial data readings. It is recommended to focus on the extent of improvement in financial data for the fourth quarter of this year. Looking backwards, with the development of a package of macroeconomic policies, the financing situation in the real estate sector may have improved in the fourth quarter, and government debt may continue to support the growth rate of social finance.