Xin Lang Cai Jing·2025-08-13 23:46Core Viewpoint - The growth rate of RMB loans in July remains significantly higher than GDP growth, indicating strong financial support for the real economy and a gradual recovery in effective demand [1] Group 1: Loan Growth Analysis - The impact of local government bond swaps on loan data is substantial, and after adjusting for this effect, the loan growth rate in July is still notably high [1] - July is traditionally a low month for credit, yet the first seven months of RMB loans have shown steady growth [1] Group 2: Economic Implications - The steady growth in loans reflects robust support from the financial sector for the real economy [1] - The data suggests a positive trend in the recovery of the real economy and a gradual restoration of effective demand [1]