Our meetings in both Hangzhou and Yiwu showed that local governments are taking a more market-oriented approach to support industry capex expansion, and banks are also rational on driving industrial and SME loan growth. In addition, policy makers are enforcing a new corporate loan yield floor of 2.4% in addition to the 3% loan yield floor for retail loans. As many banks made loans to high quality private firms at 2.1-2.2% in 2025 due to window guidance to support SME loans back then, we see the new loan yie ...