Financial Times: Better adapted to new quality productive forces, financing structure continuously optimized.

According to the latest financial data released by the central bank, in the first eight months of this year, RMB loans increased by 10.44 trillion yuan; at the same time, net corporate bond financing reached 2.79 trillion yuan, an increase of 1.23 trillion yuan year-on-year; domestic equity financing by non-financial enterprises amounted to 470 billion yuan, an increase of 203.1 billion yuan year-on-year. The role of financing channels such as bonds and equities has strengthened, and the ways in which finance supports the real economy have become more diverse. What signal does this set of data release? "Loan density" has changed. While the quality and efficiency of financial support for the real economy have improved, the current credit market also shows some structural characteristics. In the view of industry insiders, the current credit market also faces a situation of strong supply and weak demand. Banks have already "lent to all eligible borrowers" among enterprises and residents that meet loan conditions, and loan supply has remained at a relatively high level, fully satisfying the effective financing needs of the real economy. However, in the process of transitioning between old and new growth drivers, new quality productive forces naturally have less demand for loans, while loan demand in traditional areas such as real estate and infrastructure construction has decreased. In the past, real estate and financing platform project construction relied more on collateral guarantees and medium- to long-term loan financing. With changes in the supply-demand relationship in the real estate market and the resolution of local financing platform debt, credit demand from traditionally capital-intensive enterprises with relatively high "loan density" has naturally declined, while new quality productive forces represented by technological innovation themselves have relatively low "loan density." At present, improving the quality of loan scale while slowing its pace has become the new normal. Financing channels have also become more abundant and better suited to the needs of enterprises in new quality productive forces. For enterprises in new quality productive forces, multiple sources of funding such as equity investment, bank loans, corporate bonds, financial leasing, and supply chain finance can all play a role. For enterprises, whether funds can be put in place in a timely manner and whether costs and terms match profit expectations and production and operating needs are important considerations in the financing process. Diversified financing options help enterprises arrange funds reasonably and better meet the needs of R&D investment, equipment upgrading, and daily operations. The diversification of financing methods is reflected not only in the coordination and complementarity of new financing, but also in the replacement and substitution of existing financing. For example, enterprises replacing bank loans by issuing bonds, or local governments issuing special bonds to replace existing hidden debt, will objectively lower the stock data for loans. However, this is a normal adjustment in the optimal allocation of financial resources. The slowdown in loan growth as a single channel does not mean that credit expansion has weakened, or "credit tightening," but rather that enterprises are obtaining funding support in a lower-cost and more sustainable way. At the same time, local government special bonds replacing existing hidden debt is also conducive to risk clearance and high-quality development.