金融时报：贷款作为单一渠道的解释力度逐渐下降，宜更多关注社会融资规模和货币供应量指标

Core Viewpoint - The article emphasizes that the ongoing moderate easing monetary policy and proactive government debt issuance are significant factors influencing financial support for the real economy in January [1] Group 1 - Industry experts suggest that relying solely on loans as a financial support channel is increasingly inadequate to reflect the overall financial backing for the real economy [1] - There is a growing need to focus on broader indicators such as social financing scale and money supply to better understand the total financial support for the real economy [1] - Various financing methods are becoming more interchangeable, leading to a diminishing explanatory power of loans as a single channel [1]