中国经济评论：2月信用增速放缓，但仍符合温和经济复苏

Credit growth reflected divergent sectoral trends and a soft start of government bond issuance. Medium- to long-term (ML) corporate loans increased notably in Feb. We expect ML corporate lending to benefit from the capex wave from largescale equipment upgrades. On the other hand, ML lending to households is unlikely to turn around quickly, despite continued policy easing in the property sector. As policymakers balance supporting high-quality growth and curbing growing debt risk, we expect TSF growth to slow ...