China's central bank official in charge of the media: Rapid issuance of government bonds can serve as a certain substitute for loans in the short term.

An article in the Financial Times supervised by the People's Bank of China states that the scale of social financing is growing rapidly, and monetary policy and fiscal policy are working together. At the same time, it is also important to note that the rapid issuance of government bonds may have a certain degree of substitution effect on loans. "Currently, the economy faces the challenge of insufficient demand. By increasing the scale of government bond issuance, it can support the implementation of major projects and national strategic initiatives, help expand demand, and support the economy. At the same time, many government bonds are used to replace financing platform debts, clean up overdue corporate accounts, which is actually a moderate leveraging process by government departments to help businesses and residents stabilize their leverage, helping business entities ease funding pressures, reduce debt burdens, and lay the foundation for the sustainable development of the economy in the medium and long term." According to data from the National Asset and Liability Sheet Center, as of the end of the third quarter, the leverage ratio of government departments increased by 8.8 percentage points to 67.5% year-on-year, while the leverage ratios of non-financial corporate sector and resident sector increased by 4.5 percentage points and slightly decreased by 1.2 percentage points, respectively.