In November, the RMB loans increased by RMB 1.25 trillion and the new RMB loans from January to November exceeded RMB 15 trillion, an increase of RMB 2.14 trillion year on year. This year also witnessed decreased shadow banking and off-balance-sheet financing activities, particularly trust loans and entrusted loans.
The important goal of macro-economic management is to increase the on-balance-sheet RMB loans to hedge the decline of shadow banking and off-balance-sheet financing activities. Although the loan growth in this year is not slow, as the increase still goes slightly smaller than the decrease of off-balance-sheet activities, we may find the monetary conditions not that loose.