CICC: The key to stabilizing the unexpected growth of credit in June lies in finances

The CICC research report pointed out that credit and social finance data in June exceeded market expectations, and credit increased from a year ago under a high base, reflecting that the policy is still actively boosting growth, which will help boost market sentiment. Looking ahead, liquidity may continue to remain ample, and the possibility of RRR cuts cannot be ruled out. The key to stabilizing growth lies in fiscal efforts. One is to pay attention to the progress of fiscal bond issuance and supporting measures, and the other is to see whether fiscal policy can find an expansion plan that takes into account both cyclical and structural issues.