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中国经济:中国货币数据中的财政推动力
2025-05-18 14:08

V i e w p o i n t | 14 May 2025 09:31:57 ET │ 11 pages China Economics The Fiscal Push in China's Monetary Data CITI'S TAKE New credit missed expectations in April. Fiscal policy is now a dominant driver for China's new credit. Government bond financing has been almost the sole contributor to the increase of new TSF, and debt swap has dragged corporate loans. For this May-Dec, governments still have ~RMB9trn bond quota, yet the fiscal boost to new credit could be close to its peak. Meanwhile, households cou ...