Group 1: Credit Improvement - Credit balance remained stable year-on-year at 7.1% as of June 2025[1] - Social financing stock increased by 0.2 percentage points to 8.9% year-on-year[1] - M2 growth rose by 0.4 percentage points to 8.3% year-on-year[1] Group 2: Short-term Loans - Significant improvement in credit driven by a rapid increase in short-term loans, with a monthly year-on-year increase of 490 billion RMB[2] - Total new credit in June was 2.24 trillion RMB, an increase of 110 billion RMB year-on-year[2] - Corporate loans increased by 1.77 trillion RMB, with short-term loans contributing 1.16 trillion RMB, a year-on-year increase of 490 billion RMB[4] Group 3: Government Debt and Social Financing - New social financing increased by 4.7 trillion RMB year-on-year in the first half of 2025, primarily due to government bond net financing, which rose by 4.3 trillion RMB[3] - The rapid improvement phase of fiscal financing may be nearing its end as government bond net financing remains high[3] Group 4: Household Loans - Household loans showed moderate improvement, with an increase of 597.6 billion RMB, a year-on-year rise of 26.7 billion RMB[10] - Business loans accounted for 73.7% of new household loans, indicating a shift towards operational needs rather than consumption[10] Group 5: Economic Outlook - Future monetary policy will adapt to domestic and international economic conditions, with potential new policy tools to stabilize the economy[15] - The effectiveness of implemented monetary policies is expected to manifest further in the second half of the year[15]