Central Bank: Residents' investment in home purchases is becoming more rational, with the proportion of residents' loans decreasing by 5 percentage points in the past 5 years.

Since the beginning of this year, the credit structure has continued to improve, supporting the transformation of the economic structure. According to the central bank, from the perspective of enterprises and residents, as of 2021, the proportion of corporate loans has increased from 63% to about 68%, while the proportion of household loans has correspondingly decreased from 37% to about 32%. The increase in corporate loans and the decrease in household loans indicate that more credit funds are being invested in real enterprises, and the decrease in household financing demand is also related to more rational investment in buying houses. In terms of industry allocation, as of 2021, among all medium and long-term loans, the proportion of manufacturing industry loans has increased from 5.1% to about 9.3%, the proportion of consumer sector loans has increased from 9.6% to about 11.2%, while the proportion of traditional real estate and construction industry loans has decreased from 15.9% to about 13%.