Core Viewpoints - The improvement in M1 may be partially attributed to accelerated fiscal spending, with a notable increase in enterprise deposits and a decrease in fiscal deposits [2][8][20] - Resident loans remain weak, with limited effects from consumer loan interest subsidy policies, reflecting a cautious attitude towards debt among households [2][11][20] - The decline in social financing growth is linked to the end of "front-loaded" fiscal financing, particularly government bond net financing [3][16][20] Financial Data Summary - In September, the total credit balance decreased by 0.2% year-on-year to 6.6%, while social financing stock fell by 0.1% to 8.7%. M1 increased by 1.2% to 7.2% [1][7] - New credit in September was 12,900 billion, down 3,000 billion year-on-year, primarily due to the corporate sector [20][25] - M2 growth declined by 0.4% to 8.4%, with M1 showing an increase of 1.2% [28] Loan Structure Analysis - In September, new resident loans amounted to 3,890 billion, a decrease of 1,110 billion year-on-year, while corporate loans totaled 12,200 billion, down 2,700 billion [20][25] - The structure of loans indicates a preference for short-term financing among enterprises, despite improvements in PPI and PMI indices [14][20] Future Outlook - The collaboration of fiscal and monetary policies may provide marginal support for the stability of social financing operations, with the introduction of new policy financial tools aimed at leveraging more credit and social capital [3][18]