CICC: The slowdown in financial data in April was mainly due to financial "water squeeze", so it is not necessary to exaggerate the impact

CICC Research: We believe that the situation reflected in the financial data this time is much more complicated than the change in numbers. The sharp slowdown in the financial data in April reflects that domestic demand is still relatively weak, but the impact of financial "water squeeze" may be more, that is to say, it is not necessary to exaggerate its impact on the economy and the market. Specifically, the demand for housing purchases is still weak, and the slow pace of government bond issuance does drag down the financial data, all of which reflect insufficient domestic demand. But the change in the GDP statistics of the financial industry has affected the behavioral motivation of the Financial Institution Group, which is actually "water squeeze" on the deposit and loan data, and indirectly reduces the growth rate of M2. As the crackdown on idling and the squeeze on financial GDP come into play, achieving the 5% target requires the real economy to maintain steady growth, which shows that the importance of fiscal force has further increased. If the pace of bond issuance accelerates after May, it will help support monetary growth and economic growth.