Core Viewpoint - The decline in credit growth is a reasonable phenomenon reflecting changes in China's financial supply-side structure [1] Group 1: Financial Indicators - Compared to bank loans, total indicators such as social financing scale and money supply are more comprehensive and reasonable for observing financial totals [1] - The decline in credit growth is attributed to several factors, including the replacement of local special bonds and the reform of small and medium-sized banks, which have led to a temporary decrease in loan growth [1] Group 2: Government Actions - Since last year, local governments have issued 4 trillion yuan in special refinancing bonds, with approximately 60-70% used to repay bank loans [1] Group 3: Loan Write-offs - In 2024, financial institutions are expected to write off approximately 1.3 trillion yuan in loans, with over 1 trillion yuan already written off in the first nine months of this year [1] Group 4: Industry Dependency - Light asset industries have a low reliance on credit, making it difficult to compensate for the shortfall in the real estate sector [1]