China TSF Growth Slows in June

The China Post: Changes in social financing show reforms picking up: PBOC official
"Reforms are starting to pay off," said Sheng Songcheng, head of the statistics department at People's Bank of China, the central bank. "Promising changes can be reflected by structural changes in the nation's total social financing—outstanding financing in the overcapacity sector declined and that in the real estate sector witnessed a slower growth."

China Daily: Total social financing availability jumps in June
Xie Yaxuan, chief economist at China Merchants Securities Co, said that credit growth in the first half of this year is adequate to stabilize growth in the second half of the year.

"The government has no intention to take massive stimulus measures or seek short-term growth at the cost of long-term financial and economic stability," said Xie.

In the meantime, a continued increase of the narrow measure of money supply (M1) points to the need to take more measures to increase financing in the private sector.

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