The latest research report from CITIC Construction Investment has provided insights into the current state of social financing and credit issuance in the first quarter of the year. According to the report, social financing saw a slight increase year-on-year, aligning with expectations due to a high base from the previous year and policy guidance aimed at smoothing credit growth.
Credit issuance has also returned to a regular pattern, known as the “4321” rhythm, which is expected to help banks strike a balance between volume and price. The report indicates a continued trend of “stable public relations and weak retail sales,” highlighting the importance of monitoring the progress of effective credit demand.
Looking ahead, as the impact of the high base effect diminishes, the growth rate of social financing in the first quarter is projected to be the lowest for the year. However, as the economic recovery gains momentum, there is optimism that a trend of “stable quantity and high quality” in credit extension will emerge, benefiting the valuation restoration of the banking sector.
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