Clues of "anti-involution" in financial data

CICC pointed out that corporate short-term loan financing has significantly increased, and the month-on-month growth rate of M1 has stopped declining, which may become an important clue for tracking the "anti-involution" policy. In June, the new short-term loans for enterprises reached a historical high, which may help promote the recovery of endogenous demand. The growth rate of fiscal deposits remains high, and there is still room for policy maneuvering; the pace of fiscal policy will affect the demand side. In June, fiscal deposits decreased by 820 billion yuan, and the year-on-year growth rate of the balance rose to 23.9%, indicating that fiscal policy still has the capacity to support growth