[After adjusting for the impact of debt-for-bond swaps, the growth rate of RMB loans remained at around 8% at the end of May.] In recent times, the financing efforts of government bonds and corporate bonds have intensified, which has also had a substitution effect on loans. In the short term, local government financing vehicles repaying bank loans through debt swaps may affect the total credit volume. From Q4 last year to the end of May this year, debt-for-bond swaps worth over RMB 3.6 trillion have been issued. According to preliminary estimates from market surveys, the issued swap bonds correspond to approximately RMB 2.3 trillion in swapped loans. After adjusting for this, the growth rate of RMB loans remained at around 8% at the end of May. Industry experts generally believe that the transformation and upgrading of the economic structure cannot be achieved without the support of a financing system that is compatible with it. Direct financing, characterized by risk-sharing, benefit-sharing, and long-term commitment, is more suitable for new momentum sectors with high growth potential, heavy R&D investment, and light asset bases. It is expected to play an even greater role in the financial system in the future.