Will there be a "lending boom" next year?

The possibility of a credit "good start" next year is relatively small. Zhongtai Securities believes that the central bank's guidance on "smoothing credit issuance and improving the efficiency of existing loans" has already been reflected, as evidenced by the seasonal increase in bill rates, indicating that the effect of "smoothing credit scale" has been demonstrated. Considering the high base in January 2022 and the impact of the Spring Festival, the possibility of a good start next year is reduced. The good start is usually led by medium and long-term loans to enterprises, so attention should be paid to infrastructure construction and manufacturing investment demand.