Central Bank's Zou Lan: Slowing Credit Growth and Quality Improvement Become New Normal, Adaptability of Credit System Needs Enhancement

On November 13, Zou Lan, Vice Governor of the People's Bank of China, discussed the development and transformation of China's credit industry at the 17th Caixin Summit. He pointed out that the structure and levels of China's financial market, especially the credit market, have undergone profound changes. The monetization process of the economy has basically concluded, and China has established the world's largest banking system and a leading inclusive financial system, with the loan scale approaching 300 trillion yuan. More than 800 million people have credit records in the credit system, and the vast majority have had credit experiences. Zou Lan stated that the current slowdown in credit growth and quality improvement has become a new normal for macroeconomic operations, with the focus of financial development shifting from incremental expansion to stock optimization, and from scale orientation to precise drip irrigation. Technological innovation, green transformation, and support for small and micro enterprises are currently key areas and weak links in financial services. Credit evaluation, credit mechanisms, and risk control models are still not well established, and the adaptability of the credit system needs to be improved.

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