In the dynamic landscape of global finance, the Chinese mainland's financial data for July has remained stable, signaling a significant transformation and upgrading of its economy. While the growth of financial aggregates is showing signs of slowing down, it's clear that the focus is shifting towards high-quality development.
According to central bank data released on Tuesday, yuan-denominated loans in the Chinese mainland increased by 13.53 trillion yuan (approximately $1.89 trillion) in the first seven months of the year, demonstrating sustained financial activity.
Wen Bin, chief economist at China Minsheng Bank, commented on the latest figures, noting that the data reflects a seasonal decline. He added that the approach of 'wringing the water'—a method to eliminate biases—will enhance the authenticity of the financial data in the short term, fostering positive interactions within the financial economy.
Reference(s):
cgtn.com
