还原置换债券影响后，5月末人民币贷款增速仍在8%左右

Group 1 - The core viewpoint of the article highlights the increasing financing efforts through government and corporate bonds, which are serving as alternatives to traditional loans [1] - Local government financing platforms are utilizing debt replacement to repay bank loans, potentially impacting the overall credit volume [1] - From last year's fourth quarter to the end of May this year, over 3.6 trillion yuan of replacement bonds have been issued, with an estimated 2.3 trillion yuan of loans being replaced [1] Group 2 - The growth rate of RMB loans remains around 8% after adjustments for the replacement bonds as of the end of May [1] - Industry experts believe that the transformation and upgrading of the economic structure require a financing system that aligns with these changes [1] - Direct financing is characterized by risk-sharing, benefit-sharing, and long-term support, making it more suitable for high-growth, research-intensive, and asset-light sectors [1]