经济日报文章：不宜过度炒作单月信贷数据波动

Group 1 - The financial performance in July shows that social financing scale and broad money (M_2) growth rates remain high, indicating a moderately loose monetary policy stance [1] - The year-on-year growth of RMB loans at the end of July is 6.9%, which has decreased compared to the previous month, raising concerns about support for the real economy [1] - July is traditionally a low month for credit, as banks tend to push credit growth forward to achieve better performance metrics by the end of June [1] Group 2 - The growth rate of bond financing in China is currently faster than that of credit financing, with the proportion of direct financing in the social financing scale gradually increasing, optimizing the financing structure [2] - The rise in direct financing is beneficial for meeting the diversified financing needs of enterprises, moving away from a reliance on bank credit [2] - Financial institutions are shifting their focus from scale and growth to service and precision, which will enhance the quality and sustainability of financial support for the real economy [2] Group 3 - The accelerated issuance of government bonds has created a substitution effect for loans, while active fiscal policy is expected to stimulate total demand and credit demand in the long run [3] - Monthly loan data alone is insufficient to accurately reflect economic activity and the extent of financial support for the real economy, thus it is important not to overemphasize single-month data fluctuations [3] - Financial institutions need to adapt to changes in credit demand as traditional credit needs decrease and new growth areas emerge, focusing on effective credit demand in niche markets [3]