On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. It points out that slowing down and improving the quality of loans may become one of the new normals of macroeconomic operations. Of the current loan balance of more than 280 trillion yuan, loans from real estate and local financing platforms still account for a large share. Not only are these sectors no longer growing, but they are also declining. From 2025 to the first half of 2026, the cumulative decline in real estate loan balances was more than 2 trillion yuan. Loans in other sectors must first make up for this decline in order to bring about an overall increase. With the transformation of the economic structure and changes in the credit structure, the credit growth required by the real economy is also changing. It is difficult and unnecessary for total credit to maintain the past growth rate. To support economic growth, the significance of revitalizing inefficient stock loans is essentially the same as adding new loans.

On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. It points out that slowing down and improving the quality of loans may become one of the new normals of macroeconomic operations. Of the current loan balance of more than 280 trillion yuan, loans from real estate and local financing platforms still account for a large share. Not only are these sectors no longer growing, but they are also declining. From 2025 to the first half of 2026, the cumulative decline in real estate loan balances was more than 2 trillion yuan. Loans in other sectors must first make up for this decline in order to bring about an overall increase. With the transformation of the economic structure and changes in the credit structure, the credit growth required by the real economy is also changing. It is difficult and unnecessary for total credit to maintain the past growth rate. To support economic growth, the significance of revitalizing inefficient stock loans is essentially the same as adding new loans.