Domestic credit in May still needs recovery, as China's economy is in a period of parallel old and new growth drivers --- W24 Domestic Macro Distillation
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1. Domestic loans increased by 520 billion yuan in May, surpassing expectations, but less than last year, with resident loans decreasing and corporate loans increasing. Government bonds dragged down aggregate financing, while corporate bonds and stocks filled the gap. M1 rebounded to 5.5%, M2 remained at 8.6%, resident