China’s Financial #data in October indicates that it is still difficult to stabilize the economic growth in Q4, according to Zhang Tao, member of CF40 Youth Forum, mp.weixin.qq.com/s/IX2j3hQIcPK_…, 1/6
Based on the fresh announcement, the net increase in credit financing of October was only 547 billion, the lowest since October 2014, which exceeded market expectations. 2/6
Both the interest rate and the exchange rate have maintained neutrality and stability in October, while the M1 growth has dropped to 3.3%. 3/6
Social financing and credit financing have shown the feature of “rising at the ending month of the quarter and falling at the beginning month.” (the financial data in March, June and September are generally good, while the data in April, July and October generally drop.) 4/6
The biggest difference between the overall financial data of this year and the past is that the data is more of a result of the economic operation. In the past, financial data can be regarded as an indication of economic operation. 5/6
The financial data of the first 10 months shows that the downward pressure on #economicgrowth has not decreased, while the #CPI increase has risen for two consecutive quarters. The imbalance between supply and demand in economic operation is rising. 6/6
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