China's financial scene is getting a fresh makeover! 🎉 In July, the overall financial data remained stable, mirroring the country's ongoing economic transformation and upgrade. While there's a slowdown in the overall growth of financial aggregates, the focus is shifting towards high-quality development. 🌱
According to the latest data released by the People's Bank of China on Tuesday, yuan-denominated loans increased by a whopping 13.53 trillion yuan (about $1.89 trillion) in the first seven months of the year. 💰💪
Wen Bin, chief economist at China Minsheng Bank, shed some light on this trend. He noted that the data reflects a seasonal decline but emphasized that it's all about \"wringing the water\" out of the financial data. 💦 What does that mean? Essentially, it's about eliminating biases and making the data more authentic. This move is set to foster positive interactions within the financial economy, paving the way for genuine growth. 🚀
This shift towards authenticity and quality over sheer quantity signals China's commitment to sustainable economic development. It's like switching from fast food to a healthy diet—better in the long run! 🥗✨
Reference(s):
cgtn.com
